A home of your own in the new normal
Despite the challenges we are facing due to the COVID-19 pandemic, there is still a lot to be thankful for.
If you have a family that loves you, pets that keep you company and a roof over your head, consider yourself blessed. If you are an actual homeowner in today’s times, you truly are fortunate.
Many houses today have to undergo some modifications to adapt to the standards of the “new normal.” While there are also ways we can make changes in leased spaces, it’s much easier to implement these improvements if we own the homes where we live. This is perhaps why some have started checking out the real estate market to purchase their own house.
Now is actually a great time to invest in your “forever home.” Here are some reasons why you might just be on your way to making your best decision yet.
A home can last for multiple generations
When you’re buying a house, it’s not only you who will benefit from the purchase. Your children, your grandchildren and even future generations whom you will never meet can still benefit from your decision. A well-made house lasts more than a lifetime. A condominium unit, too, can last beyond 50 years, contrary to popular belief.
So while a home may cost a lot, consider that you’ll not only be improving your life with a purchase, but also the lives of those who will come after you.
You can easily lose a job, but not a home
While many of us today are encountering challenges in job security, it can be quite comforting to know that you will still have a roof over your head even if you lose your work because of the pandemic. It’s definitely not an ideal setup, but it’s one less thing to worry about if you don’t have to pay rent every month.
If you’re concerned with mortgage, be consoled with the idea that you can sell your house and still earn a profit if you really have difficulty making ends meet. Your monthly payments toward your home loan will allow you to gradually raise the funds needed to become a property owner. While renting doesn’t tie you up with long-term loans, it doesn’t reward you with your own property even with many years of payment.
You can adapt your home to tastes
When you rent a home, you know that every nail or screw that you drive through the wall requires permission. There are rules and restrictions that you must abide by to continue living in it. Even if the actual owner is nice enough to let you renovate his property, you can’t take your investment with you if you decide to move homes in the future.
With your own home, however, you are free to do as you please when it comes to modifying its look. You can change the wall paint, install new floor tiles, or even add a bedroom without having to ask anyone’s permission (aside from your wife’s, of course). If you implement these improvements, the value of your home increases significantly.
Having your own place allows you to alter your environment to suit your personal preferences.
Your home can grow with you
A house owned by the family it shelters rarely stays the same throughout its lifespan. As people grow older, their interests change. In effect, the spaces that they live in changes with them.
If you have your own home, you get to see the evolution of your years translated in your personal spaces. Your little boy’s colorful bedroom today may become a teen’s rock ’n roll haven in just a few years. Having your own home allows you to modify your living space to your present interests. It also becomes a living symbol of all the things that your family has gone through.
You can rent it out
If you need the cash, you can actually rent out your home to earn money. Leasing out a spare room or two will already allow you to earn a bit on the side. If you have multiple properties, meanwhile, renting some of these will give you new sources of income.
Some people even renovate their homes to include leasable units. Especially in cities, many homes today feature commercial spaces or rentable rooms below the owner’s living quarters. This not only maximizes space in the urban setting, but it also allows the owner to literally earn from his own home.
You will always have a sanctuary to run to
Many of us get homesick even if we stay in swanky hotels for a long time. This idea probably explains it. As the old adage goes, there’s no place like home. While many rentable properties are definitely comfortable in their own right, the feeling of having your own place to retreat to at the end of the day is amazing. You get to be your true self at home, without having to conform to other people’s standards.
Overall, being a homeowner gives you a chance to enjoy life on a much deeper level. Despite the challenges that we are experiencing today in the world, the feeling of safety and security in our own homes will always ring true.
If you have the means and the courage, go ahead and invest in your own home. The feeling of having your own place in the world is something that you can be proud of for many years to come.
Photos from Pixabay, Lex Photography, Kristina Paukshtite, and Stephanie Ho via pexels.com
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