As the nature of the working world has been increasingly changing over the last few years, it’s not uncommon for many young professionals – including those with young families – to live in rented accommodation for prolonged periods of time, sometimes without any real intention of ever investing in buying property of their own.
To a certain degree, this is a feature of people frequently living in cities, where house prices are astronomical. Then again, many young professionals – particularly in knowledge-based sectors — opt to rent indefinitely, because they enjoy the freedom that the situation offers when it comes to moving around easily and on a regular basis. There are some good arguments to be made here, but there are also some good arguments to be made for the benefits of doing your research using an arm mortgage calculator, and beginning the process of working towards homeownership.
Here are some of the benefits of buying a home when you have a young family.
You can personalize it and customize your house
You could have the most understanding landlord in the world in rented accommodation, but it’s highly unlikely that you will ever have the freedom to personalize and customize your home to the degree that you would if you owned your own property instead.
Hammering picture hooks into the walls is likely to be alright, but how about knocking down the walls altogether and building extensions? Or repainting the entire house according to a color palette that better suits your tastes?
Even if – miraculously – your landlords were okay with you doing any kind of work in the home you could possibly desire, this would be a very unwise decision on your part, as at any moment, the landlords could reclaim the property and your investment would be lost.
It’s a nice thing to be able to personalize and stylize your home, to really make it into a home, rather than just a place you live. This is likely to be especially fun for your kids, as well.
There’s a greater degree of stability and security in owning your own home
When you live in rented accommodation, there is a feeling that it likely won’t last forever. Rentals are thought to be short term, and you are merely someone passing through.
While you may have a more flexible lifestyle as the result of being able to switch between rented accommodation easily, this benefit comes at the expense of not being able to “put down roots” in a particular location, with full satisfaction that your family is well settled and are capable of relaxing into the home.
Of course, some of the security and stability that comes with owning your own property is financial, as well. If circumstances conspire in order to create a degree of financial hardship in your life, you would at least have your own home, both as an asset, and also as a place to live and be comfortable.
But it’s worth considering this “stability” in generational terms as well, not just in terms of your own immediate circumstances. When you own your own home, you have the prospect of being able to pass on to your children, and their children in turn. If you want, you could remain established in that location for decades, and enjoy having your grandkids visit as well.
What’s more, young children benefit significantly from having a stable situation in life. It will naturally come as a shock to a young child to settle into a home, only to then be moved due to external circumstances. But when you own the home, this is much less likely to be a factor. At least, if you do move, it will be on your own terms.
You have more freedom to live your life on your terms
Many landlords have some fairly Draconian restrictions on what you can do in the home, considerations of how you can decorate the place notwithstanding. For example, many landlords won’t want families living in their properties in the first place.
Presumably, yours don’t have a problem with this, but how about pets? How about the kinds of parties and activities you might want to hold there?
Owning your own property simply gives you more freedom to live your life on your own terms. This is an uplifting and empowering situation in general, but can be especially useful when you have a young family.