Why Homeownership is the Divine Line
Often, 'I want a place to call my home' tops the list of many homebuyers though different people buy homes for different reasons.
Buying a house is like opening a new chapter in your life, it comes with both trepidation and excitement but the picture-perfect of it all is that you will have a place to call your home and that should stick to be the general motivation of it all. Whether it is a condo, mansion or one-bedroom, the comfort, safety and pleasure of raising kids, having a friend or family gathering or unwinding from a tiresome day in the comfort of your home is the ultimate dream of many.
Often, 'I want a place to call my home' tops the list of many homebuyers though different people buy homes for different reasons. The freedom of not having to ask the landlord if you can repaint your son's bedroom or even build a yard for your pets or refurbish the whole outlook is also another peck of homeownership.
Homeownership also helps a person to have deep long-term roots instead of not actively being involved in society because they are just nothing but passers-by. When one buys a home they can settle in deeply in a society engaging themselves in clubs and societies around them, unlike people who just come and live for a short while.
Homeownership also enables one to build equity since most of the homeowners rely on loans so as to buy this property. one can gain equity by paying back their borrowed loans or increasing the value of the already owned home mainly through a value increasing of their properties.
The year 2021 has been marked with on and off closure of boundaries with lockdown and curfew swaying in and out of different counties. This has tallied down into reducing the net worth of many renters and investors who rely on leasing their properties whereas those who buy and sell properties have been on the rise. For the duration of the past 25 years, many young adults have not been able to buy and own homes mainly because of high housing prices and a steadily declining income.
Not only is this group of young generation finding it hard to own homes but they are also being left with little to fend for themselves or even their families due to little savings caused by a constant monthly bill. This has made many of them unable to raise a big enough deposit that is required to start the homeownership process leading them to be long-time renters or leasers.
Although all these do not favor a certain generation homeownership still remains the divine line since the inflation and house bubble are still on the rise.
-Edited by Skeeter Imisa