Owning a home means having a space that is truly yours. It’s a significant moment in one’s life when you finally own a home however owning a home can be a daunting task which comes with a whole lot of responsibilities.
However, when you hunt properly it can save you a lifetime disaster by limiting your financial risk, increasing your investment power and it can even save you money immediately.
Here are 5 benefits of owning a home in Nigeria:
1. Owning a home is an investment
We all know that unlike owning properties like cars will only depreciate in value after some years meanwhile owning a home appreciates in value because it can only be more and more expensive. Nonetheless, even in times of recession, the average home price goes up each year because it doesn’t mind the economic situation of the Nation.
2. Sustainability
Sustainability is what the long term renters lack because a huge amount of their income goes into housing fees that are constantly increased by their landlords also management expenses that are constantly increasing over the years. As a homeowner these expenses are not in existence, you have more disposable income while the renters pay his fees from his disposable income.
3. Gain control
You tend to be more in control when you become the owner of a home. More often than not renters only move into a home without the motif of modifying the home whereas other renters are usually restricted from doing any form of renovation in the home; therefore these are certain restrictions renters go through. As a homeowner, you can make improvements to your home, and home improvements usually lead to increased home value, both financially, socially and in daily home life.
4. Enables one to stop moving
One of the advantages of owning a home is that it increases sustainability and stability, therefore, Moving from rental to rental can cause inconvenience, fatigue, the financial and emotional burden. Staying in the same home allows a financial and emotional investment in both your living space and your community.
5. Social benefits
Having lived in an environment for a long period of time either as a homeowner or a renter creates social benefits that range from friendships with neighbors to community involvement and consistent educational opportunities for children.
However, renters have a thing with moving from one place to another thereby affecting friendships, relationships and also schooling in a negative way, therefore, renting a home can mean that you never really know where you will live next.
Having said all these Home ownership comes with a lot of benefits; please share with us What other benefits have you experienced and What makes you want to own your own home?
