There are many needs that we have as humans. The needs that top them all are food, clothing and shelter. Having a house is one of the basic rules of life to get stability. Hence, we should always have a place that we can call our home. There are many ways that we can have a place to call home. The three most popular ways are renting a house, buying a house or getting a house as a gift. The gift could be from family members, friends, acquaintances or well-wishers.
Renting a house requires paying regularly, mostly on a monthly or yearly basis for occupying a house. The house will always remain the property of the owner and whenever you default on your rent payment, they have the right to chase you out after giving you some period of notice. It is the desire of everybody to own a house and most people will not be fortunate to have someone gift them a house. Hence, this leaves them with the option of buying a house for their selves. The cost of obtaining a house is very expensive and mostly beyond the immediate reach of a lot of people. People often have to work and save for a years before they would have enough to buy a house. Fortunately, there is the option of getting a mortgage. Instead of paying rent on a house, you will never own, you can add a little more to the rent and regularly pay it for a house you have bought and are living in. Here are some reasons why it is a personal achievement for a couple to buy a house.
No more paying of rent
Imagine a situation where you have to choose between paying 5,000 USD monthly for 200 months, which is roughly 20 years to own a house and having to pay 2,000 monthly for 60 years without owning the house. That is often the option before most people. However, many people can comfortably afford the 2,000 USD monthly but can’t afford the 5,000 USD monthly. This is why there are still many people that are renting houses as opposed to buying houses. If you can afford and buy the house by paying for it from your savings, you would not have to bother about paying money regularly to secure your house. If, on the other hand, you can’t and you are paying back a loan for buying a house, you would be sure that there will be a time when you will stop paying that rent and that by that time, the house will be yours. Hence, you have the advantage of paying regularly to own a house as opposed to paying regularly and still not owning the house at the end of the day.
Buying a house is a form of investment. When you buy a house, it can serve as an investment. Once you buy the house in a good location, the value of the house will continue to rise. In some areas, the prices of lands and houses double every decade or thereabout. It means you could buy a house for 1 million USD and by 20 years later, it would be worth 2 million USD. Hence, if you could afford it, you might even want to have more than one house so that you can give the other for rent until a later time when you might decide to resell it. You would be able to easily recoup your capital and a very nice profit.
Most companies require collateral from people who want to take loans. Even though there are quick loan companies that do not require collateral, the money they are willing to rent you are often very little and the interest rates are often high. The instant your house is fully yours, instead of getting another mortgage, you could get a loan for a bank worth the price of the house at a little interest rate. You can immediately invest such money on another house and then pay back over time. The house could be on rent so that you are only adding little to the rent to pay back the loan. By the time the loan is paid back, you will be able to boast of another regular source of income. Even if you don’t want to take loans, you can easily sell the house and use the money to solve urgent problems should you need a huge amount of money within a short time.
The house is yours
Another benefit a couple derives from buying a house is that the house will remain their property forever. They do not have to return it to the owner when they can no longer afford the rent or when they no longer need it. They could sell it or pass it on to their children.