If you can’t decide whether to buy or rent, it’s worth remembering that although renting has its benefits, investing in a home of your own can be just as advantageous. Why? We hear you ask.
You can live by your own rules
Renting means abiding by a landlord’s rules and needing to ask permission before doing anything, from hanging a mirror to more specific matters like no pets (gasp!).
Buying can be cheaper than renting
A study conducted by Santander Mortgages found first-time buyers could save an average of £2,268 per year if they moved from renting to owning! In most locations mortgage costs tend to be cheaper than renting, and once your mortgage is paid off the property will be all yours.
It’s your home… and your home only
When renting, you rely on your landlord to fix any issues you encounter; if you own your own house you can make all the decisions. You can also decorate it however you want, so if you want purple and green striped walls, there’s no one stopping you! In the long run, if you have your own home, making improvements can become an investment as when you come to sell, your property could be worth more.
After paying off your mortgage, you will no longer have to worry about not having a roof over your head. You can also think of it as an investment – if you decide to move you could rent out your home and have a monthly income, or you could potentially sell it for a higher price than you bought it for.
Have you got any other benefits to buying your own home you’d like to share? Let us know at @ventureprop; we’d love to hear from you!