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Freedom is one key quality every individual wants, even as a nation, freedom is key. The only way to achieve freedom financially is making wise decisions that could be of benefit both in the long term and short term. Sometimes it might seem difficult to achieve a long term financial freedom, but the benefits sure surpasses the disadvantages. Owning a personal building is one way to a long term financial freedom, because it’s benefits outweighs the disadvantages, although there are disadvantages to it, but an individual needs to build confidence and ask important Why questions before embarking on such a long term Journey.
The advantages of making a long term investment such as owning a home is privacy. It is without doubt that sometimes every individual at some certain moments of their life, seek for privacy to think through the phases of life. Having your own building tends to provide privacy.
In a private building, an individual gets to build as well as furnish it to their taste and standards as no one gets to tell them on the Do’s and Don’t’s of staying in an apartment. The owner of the apartment sets the rules as well as makes it.
The value of a building tends to increase over the years, and as such, if the owner is no longer interested in the building, it can be sold off higher than the value it was acquired, which is indeed a good business investment, that is why in this part of my country Nigeria, a lot of individuals are going into Real estate deals, the increasing population tends to increase the demand for landed properties as well. A land acquired in a remote area at the price range of 150,000 naira ($250)as at 2-3years ago is worth millions of naira today.
In countries where mortgages are paid for owning a building, you find out that there is a fixed amount when it comes to the payment of taxes as well as mortgage.
Stability is also an advantage of owning a home, as people tends to stay longer in their own houses, as there is no landlord who would give unnecessary rules as well as increase in rent that will be prompt them to move from one place to another in search of an affordable rent.
Despite all the many advantages associated with owning a building, there are disadvantages, as owning a building requires that an individual needs to pay a huge upfront, as well as pay huge amount of cash to constantly maintain their houses, especially with the fact that designs as well as technology keeps evolving. Since stability is an advantage, it could also mean that an individual will find it difficult to take up good Jobs that are far from their location, since they are already stable in their location.
FINAL SAY
The advantages of owning a building far outweighs it’s disadvantages, and as such I will prefer to go into a long term plan of owning a building of my own rather than undergoing a short term plan of paying rent monthly.
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