Here at CENTURY 21 Cayman lifestyle, we absolutely get why you might ask the question, “Why on earth should I buy a home”. After all, you may have spent a great deal of time getting your career sorted so you can be anywhere or anyplace when you are working or, if you are not quite there yet, you may be trying to get to that point. Maybe you want to travel and explore the world before you put down “roots”.
Eek, even the word “roots” sounds too constraining. Maybe you have already done the home buying thing but you want to downsize to a rental because you now have the desire for a smaller nest and you want to be free to go anywhere, only you find the idea of someone else telling you what you can and cannot do inside your home isn’t quite what you expected. Maybe the idea of putting so much of your liquid assets into one bucket is just not appealing to you.
We get all of that. We’ve had those same thoughts and concerns and we are Real Estate Experts! But here are a few reasons why real estate is always a good investment that you might not have thought about:
Home ownership gives you control over your living space
Let’s face it, whenever you are living in a rented space it isn’t really yours to do with what you want, no matter how understanding your landlord is. There is freedom in ownership of your home. That purple bedroom with black accent walls that your landlord rolled their eyes at and said absolutely not, no worries, you can make it your reality when you own your home. Love to hang pictures and plaques and shelves for your treasures you’ve gathered on all your travels but you don’t do it because you know you will never get your security deposit back? That’s a thing of the past when you own your home. Put as many nails in your walls as you want. Home ownership represents freedom in your day to day living space.
Home ownership gives you a sense of belonging and of community
You’ve got your tribe. You have your social life. You are involved in your community. But there is a subtle more primal sense of belonging when you own your home. You are invested in ensuring the community around you thrives and your pride of ownership tends to extend outwards into your neighborhood. There is a desire to help your neighbors and to forge relationships, even if it is a quick wave at a neighbor as you pass each other, that comes with owning a home.
Homeownership gives you future options
While it probably isn’t at the top of any financial advisor’s advice list, the more equity in your home, the more flexibility and options you have down the road if you need to use some of that equity due to unforeseen circumstances. Sure you have heard the advice, avoid credit cards. Pay down your debt monthly. Put away a good percentage of your salary for savings. Live beneath your means and so on. But owning a home is a passive savings account. It can also become a source of income should you decide to move elsewhere and hold onto your asset. Whatever comes along in life, you have more options when you own a home.
You get to have fur babies
While more rentals are allowing for pets, they usually limit the size and type and you are going to be paying a hefty security deposit. We won’t even discuss that those rentals are quickly snapped up. But that rescue puppy or kitty you have always wanted can now come home with you and can even have a brother or sister when you own your own home. You can have your fur babies with you in your living space and enjoy the health benefits that come from owning a pet. In a recent poll done for a mortgage company in North America, 33% of purchasers said the driving force to purchase a home was for their dog, while only 25% said because they were getting married and only 19% cited the desire to have or already having children. We like those percentages, fur babies make life more enjoyable and giving them a home that you customize for them is a great benefit of homeownership.
You get to indulge your “do it yourself” creativity
If you are addicted to all of the television shows that glam up walls being knocked down with sledge hammers, floors being ripped out and an old beat up run down house being transformed almost overnight into a sleek modern living space, then buying a home that is listed as a “fixer upper” or a “put your personal touch on it” is perfect for you. You are likely to be purchasing at a much lower price and while there are costs involved to renovating and the process doesn’t magically happen overnight, the sense of accomplishment in truly personalizing your space and tackling the challenges can’t be matched.
There are a multitude of other reasons to own your own living space with heavy emphasis on financial reasons. But the above reasons are also major factors in why home ownership is worth exploring. We would love to hear from you about why you don’t want to consider buying a home as we believe for every reason you come up with why home ownership isn’t a good idea, we have an even better reason why it is a good idea. Why not contact us now and we will set up a time to chat.
Your CENTURY 21 Cayman Lifestyle Team