Planning for the future is a crucial decision to consider when buying a home. These plans would determine if the preferred house would still be your favourite shortly. Buying a house will be one of the more significant financial commitments you’ll make in your lifetime.
Martins had lived in rented apartments at different times before deciding to own a home. All his experiences weren’t pleasant. He had lived with lousy people, dirty people, criminals, etc. the last straw that broke Camel’s back was when he fought with the Landlord due to a prepaid meter payment.
He had bought a freezer then, so the Landlord said he dared not use it because they always had to buy light. Mind you; the Landlord had every form of home appliance you could think of, yet, he insisted that Martins must do away with the freezer.
Initially, Martins thought it was a joke until the Landlord began to make life a living hell for him. It got to a point where Martins had to get him arrested. Martins thought of buying a home out of frustration which he paid by installment.
What is the Process of Buying a Home
Renting or buying a home has so many diverse views from people. Each person’s opinion of it largely depends on experience. Both options are not bad; however, buying a home saves you a lot of problems. Forget the soothing idea that you are now a landlord/lady; many benefits come with it.
Renting is an agreement where a payment is made to the owner of the house (Landlord) to reside for an agreed period. Some people consider renting a waste of money which is untrue. Before you think of buying a home, you must have somewhere to shelter in the meantime.
It becomes a waste of money if you have the finances to buy a home, yet, you are not giving it some consideration. Renting a home has its advantages and downsides. A few downsides are unexpected increases, living with toxic people or homeowners, and living with unpleasant instances.
That’s why you need to consider buying a home. These things are avoidable only if you are in your Home. It’s a significant financial decision. There are so many benefits that come with it, such as security, peace of mind, fewer worries about co-tenants, privacy, you have your space without having to share, etc.
Why You Should Consider Buying a Home
Before you agree to buy a house, consider your long-term plans.
- Are you planning on staying at your current job? Getting married?
- Having kids?
If you aren’t sure that your house will be the house for you in a few years, you may want to keep looking.
Buying a home is a long-term investment
Renting a home requires continuous payment to maintain the place, either monthly or yearly. You risk an excessive increase that will shrink your income, which you can’t avoid than pay if you still want to live in the house.
Homeownership is a permanent asset that doesn’t require being scared of any increase from anyone. Meanwhile, it appreciates over time.
Rent continues to increase
The fear of rent increase is the beginning of wisdom. Rent increase is a common thing in Nigeria. Unfortunately, it’s not an event you can fight. It’s either you pay or move out so that someone that can pay can move in. With your Home, this can’t happen. All you need to do is maintain it.
You feel secured
There’s worthwhile security with homeownership. Unlike a rented apartment, the Landlord might wake up one day and serve everyone quit notice unprovoked or sell the house. And when this happens, you would start looking for a way to find another house. Buying a home takes away the fear of being evicted unexpectedly.
It’s your Home; you call the shots
There’s a level to what you can do in a rented home, and whatever alteration you want to do needs to be permitted by the Landlord first before you can do anything. It’s his house; he has exclusive rights to it. You can’t change a particular thing (major adjustments) without asking for a go-ahead from them.
Homeownership comes with sustainability
Buying a home helps in sustaining your financial gains and income. You can easily plan how /where to divert your income, unlike when a large chunk of it used to go for rent which you even have to be careful of spending because you are expecting an increase.
Apart from rent, it would help if you considered other unforeseen circumstances. Renting a home eats deeper into your income than having your Home. If you feel it isn’t, pick a pen and paper and calculate all you have had to spend on your rental Home since the beginning of the year.
Meanwhile, we consider that not everyone can afford to buy a home at once, so installment plans are familiar with property vendors these days. There’s nothing that’s not possible. Even with your income, buying a home is doable. Just try to focus on planning!
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