Instead of moving from one rented apartment to another in your twenties, why not take the significant step of putting down money for a place of your own?
1. You have the freedom to design your space.
Owning your own space gives you the creative freedom to beautify and set up as you wish. Do you want more living area space? No problem, hack away that wall! Do you want to set up a photo wall? Hammer away! You are in charge and there is no longer a landlord to lord over you and your home décor choices. With image sharing social media platforms like Pinterest, Instagram and Tumblr, imagine the gorgeous photos you can be sharing of the home that you have spruced up yourself.
2. Your own place to socialize and network.
When you have joined the workforce, you will quickly realize that networking is important in taking you to the next level professionally. In addition to your childhood friends and college friends, soon you will have colleagues being added to your contacts list. With a place to call your own, you can organize game nights and create opportunities for everyone to mingle and socialize with one another. You will no longer have to ask your parents for permission to invite your friends over, or worry about your landlord calling to inform you that you are not allowed to have parties at your rental apartment.
Another perk to being able to organize get-togethers at your place – you can save money enjoying yourselves at home rather than spending nights out at a club, bar or expensive restaurant.
3. You become better at spending.
Believe it or not, owning your own home is a great way to force yourself to develop better spending habits. While peers your age may be spending frivolously on vacations, luxury goods and fancy dinners, emptying their bank accounts of their salary every month, you will most likely be concerned with keeping up with your mortgage and utility bills. Bear in mind that this isn’t a bad thing, as every cent that you put into your home will go back into your pocket in the future. It is an investment that is worth every centavo.
4. You learn to handle responsibilities.
There is a considerable amount of money involved in home ownership that translates to a sizeable responsibility on your part as the owner. You will have to learn how to maintain a home, manage your finances in order to sustain your mortgage and know about the in-and-outs of the processes involved in purchasing a house. It is an important life lesson that will help you grow and mature as a young adult.
5. You become more independent.
When you move out of your parents' house, you become more self-reliant. You will also get to know yourself more. It may sound like a soul-searching mission but it would bring you a far greater understanding of who you are, what you want, and what you are capable of achieving in life.