What are the benefits of buying your own home?

For those sitting on the fence about taking out their first home loan, there are a number of benefits to owning your own property, as opposed to living in a rental. 

Rental properties are great for those who don't want to be tied down with a mortgage or to a specific location, allowing them to easily relocate when necessary. However, buying your own home has its advantages, too.

A sense of security

Having your own property is a great way to give your life some stability and security. Your home will likely become your biggest and most valuable asset, which means you could use it to fund your retirement later in life.

Furthermore, you won't have to worry about issues with a landlord anymore! Fears of increasing rents are dissuaded, and you'll be able to make renovations and modifications to your home – big or small – at any time.

Put your money towards your own future

Chances are, the rent you're currently paying is going towards your landlord's mortgage. This is money you will never see again, which could be put towards your own home loan repayments. 

Paying off your own property means you'll be building up equity in your home loan. As this begins to accumulate, you can access the equity in order to purchase investment properties in the future – helping to further your own wealth accumulation. 

If your home has spare bedrooms, you can even rent those out to tenants and receive weekly rental payments, which can then go towards paying off your mortgage. 

These are just some of the benefits to purchasing your own home. Get in contact with a financial professional to discuss the first home buyer loan options available to you.