Why should you consider buying a house?

A house is one of the most important basic necessities in our life. We need a house for protection against the ever-changing weather conditions, natural disaster, and threats from human and animals. Once this house becomes a home, it provides belonging, control, identity, privacy and security. Above all, a home is a place that provides centering - a peaceful place from which we leave each morning and to which we return at night.

These are some of the reasons why most people want to buy a house. But the big question when it comes to making their first home purchase is – when is the right time? How can you tell it is the right time to buy one? When does homebuying become happiness or stress?

Having reservations is normal as homebuying can be stressful when you don’t do it properly. But the entire process becomes less scary, as you know more about the reasons to buy a home. Here are a few good reasons why you should still consider buying a home.

Pride of Ownership

Owning a property makes us proud, what more if it is a home? Homeownership gives us a sense of stability and security. It's investing in the future, something that grows with you the longer you are in.

Homeownership means control over your property. You can actually do anything and everything you want inside and outside your home, in accordance to your own taste.

House Appreciation

According to Bloomberg, house price appreciation is likely to accelerate despite the pandemic. Experts had seen how the housing industry has been very resilient amidst the many economic downturns. Although real estate values have been unstable, housing values have consistently appreciated over time as many people view their home investment as a hedge against inflation.

Mortgage Reduction

When you pay your monthly payment, part of it is applied to your loan's principal balance. Each payment reduces your obligation, as more of your payment goes toward the principal and less to interest each month. 

Do you want to figure out your monthly payments for a given loan amount? 

Here’s a basic Monthly Mortgage Payment Amount Calculator, which is a free online tool that quickly figures the principal and interest payments on a fixed-rate loan. If you would like to calculate all-in payments with other factors like PMI, homeowners insurance, property taxes, points & HOA fees, there’s an advanced calculator which can also be found on the page.

The calculator only requires a few loan information such as the home price or the total amount of the property you want to buy, your desired down payment, which is ideally 20% of the home price or more; the annual interest rate and the loan term which can be up to 30 years.

The result will show you how much is your monthly payment and the total interest incurred in your chosen loan term. This simple calculator will clearly show the equity your property builds over time. 

If the interest rates happen to decrease, like what is happening amidst this pandemic, this calculator comes in handy as you can recalculate to get relevant figures and scenarios

To help you monitor the interest rates on a certain area, you just have to go to the rates tab and enter the correct details asked.

Homeownership means a lot of responsibilities, and you need to be wise when buying for the first time. You can only appreciate and realize its benefits when you carefully plan for it and buy it when you are ready enough.