For those who think owning property is for the old and wise, think again. You are never too young to start thinking about owning your own property. Below are 5 great reasons why:
1. An investment
Buying any type of property is a huge investment as it typically increases in value. Property is a safe, low risk way of guaranteed growth in your capital over a long-term period. Invest in your own property instead of adding value to someone else’s. That way your hard-earned money is going towards your own investment.
2. Easily financed
Getting financed for property is easier than any other investment. The property itself becomes collateral which means financial investors will be more willing to take the risk of investing.
3. Income generator
Property can be seen as another way of generating an income by renting it out. Whether it’s in a residential or commercial area, homes and office spaces are always in high demand. This way you will be able to pay off what is owed on the property much faster. You can speak to a lawyer to find out how owning property can benefit you by being tax deductible.
4. No landlord
Being an owner of a property, you are in a position to freely make renovations. If you’re a tenant, you are restricted with making even the smallest of changes. You will first have to get consent which can sometimes be a lengthy process. Avoid this by investing in your own home, granting you freedom of choice to make the changes you desire.
5. Cheapest loan
A building is immovable property so the risk to the borrower is reduced. This secured loan allows you to pay less on interest rates than on any other unsecured debt but remember, the longer you take to pay off the loan, the more it will cost you.
If you are considering investing in property, you should keep in mind that it should be seen as a long-term investment. You will only start to benefit from your capital return after the first five years.