While buying a repossessed property on auction, you might tend to wonder why you need to own a property instead of renting one. Everybody needs to be a homeowner at some point or another. There are many advantages when you own a home instead of renting from another homeowner.
Owning your own home will give you some peace of mind, knowing it is yours and you can do with it whatever you want. Here are some more good reasons for owning you own home:
1. Security: Imagine having a place of your own to which you can return after a day’s hard work. You will never have this feeling of security as long as you rent a place from someone else, with the possibility to be asked to vacate the premises on the most unexpected times.
2. Asset: Real estate is an asset. The longer you keep on to it, the more the value of the property will be.
3. Freedom: When you have your own property, you do not need to ask a landlord for permission to change, paint or improve your home.
4. Something to pass on: The day when you depart, you can leave the property to your children or spouse.
5. Makes economical sense in the long run: Regardless whether you are renting or paying a mortgage, you will need to put money aside each month for accommodation. The difference is whether you are paying your own mortgage or your landlord’s mortgage.
6. A form of saving: Do not be concerned if you cannot put any saving money aside as soon as you start paying a mortgage. Your house is a form of saving, although the money is a fixed investment.
It makes sense to rather buy that repossessed property on auction than to pay someone else’s mortgage every month. Furthermore, you do not need to get permission if you want to do any alterations to your property.