5 Reasons You Should Be Thankful for Property
Thanksgiving (celebrated on 22 November 2018), is a holiday in the United States that sees many citizens sitting down and reflecting on the things they are grateful for.
At PropertyFox, we would like to give you five reasons on why you should be thankful for your property.
Over the long term, few investments can match the potential for personal wealth that owning a property offers.
Homeownership is a rite of passage that many of us dream of. Owning a home means putting down roots and having a space that is truly yours. It’s a big step. Here’s what you can be thankful for, yes, even when those little maintenance niggles drive you mad.
1. Home Ownership Is A Long-Term Investment
Unlike a car and many other assets that lose value, your property’s worth will only increase, provided you care for it.
As you pay your bond each month, you are moving closer to the buying and reinvestment power better known as equity.
If the value of the property rises, the value of your personal wealth should also increase and you’re more likely to make a profit if you sell it.
Remember at PropertyFox, for only 1.5% commission, when you sell your property with us we work hard to give you the best value for your property.
2. Earning An Extra Income Later
Owning a property is an investment that could become a source of income in the long run. If you own several properties, you could rent one out and downsize when you retire or when the kids leave the nest. You might even be able to convert your property to cater to the student accommodation market.
3. Home Ownership Provides Stability
Moving from rental to rental can be exhausting. It can also be a financial and emotional burden. Owning a property means having a space that’s all yours without the worry of increasing rent, landlords who might not attend to problems and the worry of a lease not being renewed.
Your property’s worth will only increase, provided you care for it.
4. You Can Do Whatever You Want with Your Home
With property ownership, you can do anything you want with your home. Enhancements will only increase the value of your property. But there’s no need to get approval from a landlord or worry about what you might have to do when you move, because the property is all yours.
You need to budget for building maintenance and repairs, but any improvements made to your home will likely increase the value of your investment.
5. There Are Social Benefits
Owning and living in a property for a long time allows you to form a bond with your neighbours and community. If you have children, they could also benefit and make lifelong friends with those they grow up with.
Homeownership comes with many benefits. These are just a few. Owning a property comes with some challenges, but it’s worth taking time out to reflect on why you should be thankful.