When is the right time to make a considerable investment in life? You know that there is no one correct answer to this question. Whenever you feel ready to make an investment such as purchasing real estate, the time has come.
Deciding to go in that direction as a college student can seem like an almost impossible challenge. College students have a lot on their plate. In the chaos made out of studying, socializing, and trying to figure out your life, buying a house isn't a common thought. However, taking a leap such as that can transform your life and bring a lot of benefits.
Considering that purchasing a house is a huge step, you should be 100% sure of your decision. For that reason, take a look at the following reasons why buying a house while in college can be a good idea.
1. Make a Great Investment
Buying real estate is an investment. As such, it will pay off. Whether you plan to live in that city or not, you can find a way to make your money worth it.
Even if you relocate, you can rent the house and have an additional income from renting. Buying a property in a university town will ensure that with each year, a new wave of potential tenants will rush down.
2. Pay Off the Mortgage with the Help of Roommates
Decrease the burden of a mortgage by welcoming roommates. The expenses can be split up among a few of you, which will make things a lot easier.
Not only will you have someone helping you pay off the mortgage, but you'll also have someone to spend your days with. In addition to relieving the pressure of paying the expenses, moving into your home can be less intimidating when you know that you won't be living alone just yet.
3. Build Your Nest
If you already know where you want to live after college, buying a house in that area can give you a jump start. You won't have to hassle with moving from one place to another, as you'll already have a place of your own. That kind of security will allow you to focus on other important aspects of your life, such as a career or family.
Kristin Savage, a writer at https://subjecto.com/, a website with free essay samples, said, "Buying a home while I was in college is the smartest decision I ever made. While my friends were busy with packing, I was set in my own little kingdom. Of course, you need to be more responsible if you decide to buy a house, but it is worth it."
4. Earn Equity
With monthly payment on your property, you'll build equity. Every dollar you invest in paying the loan's principal will equal one dollar towards equity.
If you improve your home with time, you can increase the equity. When you sell the house (if you decide to do so), you can actually earn money. Not to mention that the equity you've got will help you take another loan some time in the future.
5. Get First-Home Buyer Benefits
As a first-time buyer of properties, you can reap some benefits. For example, there is The First Home Owner Grant (FHOG). It is a one-off grant that is payable to first homeowners who satisfy all the criteria. To check whether you tick all the boxes head to the FHOG website.
Also, you want to inquire about stamp duty relief. Recently, stamp duty relief was introduced in some states.
The schemes can differ depending on the state you live in. Do a thorough research and collect information on any potential benefits for first-time property owners.
6. Design Your Dream Home
You can do with your own house whatever you wish. There will be no more checking up with the landlord if you can paint a room or hang up pictures and decorations. Arrange it and rearrange it to perfectly suit your style and way of living. Professor Sam Gosling, a psychologist who focuses on the connection between people's properties and identities, said that "As we become older and develop our identity, we're stepping out of the family home on our own. We begin to have the opportunity to express the things that place us apart from our family. Perhaps discovering parts of ourselves that we haven't noticed before and which distinguish us from others around us."
Buying bigger items when you are in a dorm or rented apartment isn't a good idea. When you move, you have to figure out whether they will fit in your new place and what you'll do with them. When you have your own home that won't be a problem. You can buy big and small items that will turn your house into a home.
7. Have Your Privacy and Freedom
Being the owner of a house means that you get to do whatever you want whenever you want. If you want peace and quiet, you'll have it. If you want to invite your friends or family out of state to stay with you for a few days, you can do it.
Forget about thinking about what the landlord will say. No one will be able to kick you out or come in an unannounced visit to check on their property. As the owner, you'll have open hands to live your life the way you want to. Such freedom and privacy is an immeasurable benefit.
Hopefully, these reasons for buying a house have shed light on that whole ordeal. Being completely certain that buying a house is the right decision for you is the foundation of this real estate adventure.
It is important that all of these reasons resonate with you. If you find that the above-mentioned benefits are something you want, purchasing a house can be just the right move.