Throughout this life you’re going to make many significant purchases but there is nothing that comes into comparison when you’re talking about buying your first home. It is the biggest amount of money that you’re going to spend and it also involves a firm commitment that you’re going to be able to pay the money back over a period of 25 to 35 years. Many people are still trying to get on the first rung of the property ladder and are finding it difficult to purchase a home because of the amount of red tape and terms and conditions that are put in front of them. Young couples now have to come up with a much bigger deposit than they ever did before and they have to meet stringent rules before the lending institution will even entertain their application for a mortgage.
It shouldn’t be this difficult to get home loans in Brisbane, but it is and so you might want to start looking for alternative lenders rather than going to the traditional bank or building society. These lenders understand the difficulties that people are having purchasing their first home and by using other lenders, many are becoming successful in their applications. For those of you who want to continue renting a property that you will never own, let me tell you about the benefits of purchasing a home for yourself.
- Investing in your future – It isn’t just about getting your first home for you and your future family because it is also an investment in your future and the future of your children as well. Property has been growing in value over the past 50 years and it doesn’t look like there is any chance of slowing down any time soon. If you were to put your money into a bank account, you would find it incredibly difficult for your savings to grow, but if you invest in a property like your home then your investment has the potential to grow quite substantially.
- Your future is laid out – If you continue to rent a property that you are currently doing then you’re putting yourself on an incredible amount of pressure and stress. It needs to be remembered that your landlord can decide to sell the property at any time and so all they legally have to do is to give you sufficient notice to leave the property. This means that you and your family have roots and find an alternative home which isn’t something that you want to go through. It is a harrowing experience having to leave the place that you call your home and so when you buy your own property, this is never going to happen.
If you want to continue paying rent on a property that you will never own and one that you have to ask permission in order to give it a lick of paint or to make some small changes, then that is entirely up to you. Buying your home is a much smarter decision and gets you back in control of your life.