One of the exciting parts of owning your own house is being able to have the luxury of renovating and customizing it based on your liking and making your dream come true. Customizing your property is also going to be important if the goal is to make it fit your needs. You can destroy anything to it. You can rearrange the walls, eliminate, or add something that can accommodate you and your family, and a lot more.  While, it may sometimes get pricey, it can also offer a rewarding and satisfying feeling for you and your family in the end. All you need is the right plan, correct allocation of your budget and a whole lot of creative ideas to pursue.

There are  a lot of possible tax benefits you can earn when you own the property. Equipping yourself with the necessary knowledge about these could save you hundreds if not thousands of dollars. By working at home, renting out a room in your house, and by negatively gearing your house, you could save some money to spend on something else or to put in your family savings. However, I will not be discussing so much about the given possible tax benefits because it will be for another blog in the future.

Building the home equity of your property is a very important thing to consider when you own a house. Since it is considered as an asset, you could potentially have a means of owning a new property, funds for your children’s  education, a new set of savings and many more you can think of. First thing you need to do is pay for at least 20% down payment if you bought the property with the help of loans in order to lessen mortgage interest and insurance that you will pay sooner or later. You also need to pay it all off in the shortest amount of time possible by achieving the goal of refinancing your loan to a shorter term because it can also save you some more cash. If it is not possible, just try to make one additional payment each year. This means that you have to pay more but, the benefit is that all those extra interest from the mortgage will definitely lessen and could save you so much. You could use these savings in renovating the property and you will still have extra. By renovating, there is a higher chance for the property to increase in value as well. All you have to do is wait for the right time to sell it.

Buying your own property can have intangible benefits as well. It includes a sense of stability and security because you are not subject to the decisions that a landlord makes. You can also assure that you are safe and should not be worrying about being kicked out. You can also control how your money is spent on a monthly rate that you might even spend lesser than those who rent.  By staying in a neighbourhood for a long amount of time, you can also feel a sense of belonging in a community and a pride of ownership as well.

One of the best benefits of planning to buy or build your own house from scratch is our government’s Homeowner Grants that you can take advantage off. These grants can help you big time as long as you are qualified. It is something that can help start off your journey towards reaching your dream house. All you need to do is acquire knowledge of how it works and know if you are qualified for this grant, and you can save a decent amount of money that you can spend on something else.

There are a lot of factors that could affect the value of your home and it can either become an advantage or disadvantage. No matter how stunning your home is, you can’t just rely on its beauty to create an equivalent value. There are certain factors that you need to consider and one thing you need to consider is the area in which the property is located. If the area’s market value is low or decreasing, your home’s value may have a big chance of decreasing as well. One example is if a big contributor/company/industry to the market value of the area has withdrawn or failed. This can affect the demand of houses in that area thereby lowering the value of houses which may definitely include your property as well.

Owning your own house is really a rewarding moment in your life but, you really need to consider everything that may occur. If ever you are in a financial crisis, your house can’t always save you. Houses are considered as illiquid assets meaning, they cannot easily be turned into money, and you cannot easily dispose it when the housing market crashes down and planning to move out will also cost a hefty amount when you own a house.

Owning a house can sometimes become a problem rather than becoming a solution. Mortgage alone can cost a lot of money and the thing is, there are still a lot of expenses aside mortgage. As a homeowner, these are some expenses that is under your responsibility on top of mortgage. We have homeowners’ insurance, property taxes, pest control, tree trimming, maintenance, property repairs, trash pickup, water and sewer service, repairs and maintenance and pool cleaning (if you have one). In one look, this may seem a lot, but this is the reality of owning a house in which most of it you can avoid if you are renting.

Mortgage and its interest can squeeze out more money from you that what the house costed you. If you do not have a decent plan, stable work and a good amount of money to start then you shouldn’t be thinking of getting a mortgage because it can suck out a lot more money from you than what you expected. To be able to lessen this, you need to at least have 20% the amount of the property as a down payment for you to lessen the interest rate and save money.

Owning a house for a long time can generate problems that needs fixing. By fixing, I meant, another set of expenses that could range from a couple of bucks to thousands if not just hundreds. Repairs for the house is something that homeowners cannot just shake off or avoid as it can bring discomfort to the family and untreated problems can decrease the value of a home as well.  Just hope and pray that your house would not get damaged by something that your insurance could not cover.

When renting, you always have the option of moving out and the only thing you need to worry about moving to a new area is how to bring all of your stuff. When moving out, you will not be dealing with the stress and tiresome process of selling your house and picking a new one to buy. Not to mention the high prices that big city properties have these days.

Another great benefit of renting is that you will not be so worried about your monthly expenses because you will have a steady rental cost. It may increase but it will not increase so much and and landlords typically inform ahead so you got time to prepare to either pay more, or move out. But, this is not always the case, especially if you are leasing as that is a fixed rate up until the end of contract.

According to researches made, the prices of properties in Australia have increased by lots that you could be saving more money by renting rather than owning your own house. As a renter you are paying less in renter’s insurance as a whole than homeowner’s insurance. You also do not have to worry about certain taxes like property tax.

According to researches made, the prices of properties in Australia have increased by lots that you could be saving more money by renting rather than owning your own house. As a renter you are paying less in renter’s insurance as a whole than homeowner’s insurance. You also do not have to worry about certain taxes like property tax.

The market value of a certain area could also affect the value of the house that you are living in. These events usually happen in the market and these are unavoidable but, if you are a renter, this should not be a problem of yours. As long as your job in the area is stable, you could choose not to leave and there might even be a chance of decrease in rent.

Although renting could have those amazing benefits, you still won’t be able to build equity as it is not your property to begin with. If the market value of the area increases, you can’t gain anything from it. The only increase you might avail is an increase in rent but don’t worry as you will get a notice from the landlord in advance.

Changes in the landlord’s decisions could affect you critically. And if we are talking about the worst case scenario, you might get kicked out, within a short amount of time if t=they plan to sell the property or upgrade it into an apartment or hotel. You will not have any say about it because you don’t own the property and the only thing you can do is find a new property to rent before you get kicked out.

One of the problems a renter also deals with is the amount of choices they only have. Sometimes, you are left with the low quality ones or if the place is in demand, you wouldn’t have any choice at all. This can be a problem if  you accepted a job in major cities. You could also be left with the priciest ones and this could suck out a lot from your salary.

One of the sad part of renting is not being able to make changes that could suit your taste. Although this could mean an increase in the property’s value, as long as the landlord disapproves, then you can’t do anything about it. What you can only do is find the best property to rent out that fits your taste and get on with life.

The policies that these landlords could make can sometimes become so much that you might end up scratching your head. These policies can also be worse if the landlord you have is terrible or worse is that you both grew a certain level of dislike towards each other. Some policies could mean that you can’t keep a fury friend in the property, they are also not liable of your belongings if someone broke in. They will not be responsible of helping you in achieving justice for yourself. So you really need to find a landlord that you like because they can play a big part of your longevity in the area as well.