Buying your own house gives a person a greater sense of independence and increased self-esteem as they can take pride in something that they own.
You may own the property so can make improvements or build extensions to suit you or your family’s needs.
Any improvements made are likely to increase the value of the property such as a fitted kitchen or garage and so this will add money to the value of the house when you go to sell it on.
You could generate extra income with your house as it is possible to rent out rooms you are not using or your driveway, if you live in the city. You could also turn your house into a business to help support your family for example, a B&B.
Selling your house for more than what you bought it for could mean a large profit, which could go towards the deposit of your next house.
Check out the CCEA GCSE Learning for Life and Work Second Edition Textbook to find out more or check out: My Revision Notes: CCEA GCSE Learning for Life and Work: Second Edition
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