“Buying property for yourself might well be one of the best decisions that you ever make in your life because it can provide much more than just shelter and warmth for you, where you can bring up your family.
In some countries, buying a house for yourself can be a very lucrative investment for you that might well enhance the income that you receive monthly over some time.
It makes no difference what the specific reason is that you decide to buy a house; the fact of the matter is that there are quite a few financial benefits to be had when you make such a decision. It is a lifelong investment.
Emotional and financial benefits
Buying your first home where you are going to raise your family might be more about the emotional connection because it is in this building that you are going to experience many emotions, such as joy when you have children, even sadness and a whole array of other emotions.
When you carefully consider your home, you are enhancing your whole life insurance. Apart from the entire emotional aspect, buying a home also will be of financial benefit to you, and it will be particularly noticeable once you have owned your home for a few years.
When you decide to buy a house, you need to plan for the future. If you have not yet started a family, you will probably want to choose the kind of home that might be able to be renovated at a later stage to accommodate your family as it gets bigger.
Appreciating as life goes by
As time goes by, you will notice that your home increases in value, and it is likely that you will have paid off quite a bit of the capital amount over the years, and it will have accumulated some equity.
You will be able to increase the value of your house even more if you do some renovating. The equity that you have accumulated can then be used to add on some additional rooms in your home to accommodate any new arrival like a new baby in the house, and you will be able to add some other luxuries to your homes like a swimming pool or tennis court. You might even decide to go on a long holiday.
A home loan can help you make money.
Not everyone will buy a house to raise a family. You can take out a loan to increase your monthly income if you like. You could even be taking out a loan to purchase a second piece of property, and the right way that you can make money out of a property is if you rent it out.
This income from renting might match your bond repayments or might be a bit lower than your bond repayments but as the outstanding amount on your bond starts to decrease your income should start to exceed your monthly loan payments, and this can turn out to be very profitable for you, although it is hard work.
You need to be responsible also for maintaining the property and to pay for any electrical and plumbing problems that come up.
You can also benefit from property financially when you buy a property that needs a bit of maintenance and care, you renovate the park and then sell the property at a profit. So if you have a knack for fixing up and restoring the real estate, this could also be quite a lucrative way of making money in property as well.”