There are some people who prefer to rent their property because they feel that it is a much easier option and it is a property that they can walk away from at any time. Things change in life and maybe you will get that job promotion but it involves you moving to a completely different town or city. There are others however who say that it’s important to own your own property because it provides you with a roof over your head and you never have to think about your landlord telling you that you need to move out with only a few months notice.
Many young Australians are still trying to get themselves onto the first rung of the property ladder and it has proven to be quite difficult. Many lending situations are putting many roadblocks in front of these individuals but the good news is that you can take advantage of the first home loan deposit scheme that will make life a lot easier for you and allow you to be able to purchase your first property. If you’re still somewhat reluctant to move away from renting to buying then the following are just some of the reasons why it makes perfect sense.
- It allows you to build equity – To put it plainly, every time that you make a mortgage payment on your new home then this brings you closer to owning it outright and this is what we call equity. As the years roll by and more money is paid off the mortgage, this provides you with many benefits when it comes to your overall finances. You can borrow other money based on the equity that you have and so you can make changes to your property.
- Property prices are going up – They continue to go up in value and they have been going up in value over the past number of decades and there doesn’t seem to be any sign of it slowing down. This means that the house that you buy today will be worth significantly more in 10 to 20 years from now. If it is your wish to live in your property until your retirement age then you will have a significant nest egg waiting for you should you decide to sell up.
- You get more freedom – If you are renting a property then you have to ask the landlord if you can paint the inside of the property and you need to clear the colour with him or her. You will be paying rent over the coming months and years and at the end of it all, you will have nothing to show except your memories. People who got themselves onto the property ladder however are on the way to owning their own property.
Hopefully, these three reasons can convince you to start looking into the loan deposit scheme today for your first home so that you too can own your property.
