Owning your own home has many benefits over renting
You may have been told several times that you really should stop renting and buy your own home.
Maybe you’re still living with your parents, and they’re forever extolling the virtues of owning your own home.
Only when you’re not a homeowner, the journey towards becoming one can seem almost impossible.
The good news? It isn’t impossible – at all. In fact, if you play your cards right, you can become the proud owner of a new home far quicker than you might think, with schemes such as Help To Buy for first-time buyers. And we’ve got five reasons why home ownership is a very good idea indeed.
1. You’ll have total freedom to create your own space
When you own your own home, you can literally do whatever you want with it (within reason and within planning rules, of course!).
That means you can knock walls down, convert rooms, and essentially create a space that is uniquely yours – and no one can tell you to do anything otherwise.
2. You’ll be on the ladder and can build equity
Like anything in life, placing that first step on the ladder of home ownership is the hardest, but once you’ve done it, you’re onto a very good thing indeed.
It will obviously take many years, but the process of building equity begins from the day you move in, and it’s one of the best ways to ensure you can keep climbing that housing ladder in the future.
3. You’ll know what you’re paying each month
If you’re renting, you may be subject to short notice increases in your monthly payments to the landlord.
This doesn’t happen with home ownership. You have far more control over the mortgage that’s lent to you, and you can remortgage if it looks like you’ll have to pay more at the end of a fixed term.
This makes budgeting far easier and should help you to keep more disposable income to one side.
4. You can set your own house rules
When you rent a home, you’re normally governed by the landlord. That might mean you can’t have pets or make any meaningful decor changes.
Not so, when the home is your own. You get to set the rules in this instance – therefore, if you want to get a dog, you can, and if you fancy attaching multiple things to the wall in your living room, so be it!
5. You can truly call it “home”
This advantage is perhaps the most simple and satisfying, but it’s somewhat ethereal, because it’s just a feeling.
When you own your home, you really can call it “home”. This adds something extra special and completely satisfying to the experience of returning home from a long day’s work, or walking through the door after a holiday.
Home really is where the heart is, and that’s even more the case when you own every single brick.
There really is nothing better than owning your own home.
Keep the above advantages in mind as you continue your journey – it will all be worth it in the end.