Buying a home is probably the biggest financial transaction an individual makes in their lifetime and for many people, it is a commitment worth making. A home offers so much more than just four walls and a roof. It provides a sense of security, it can offer comfort and to some it is a status symbol that shows accomplishment.
Here are 8 advantages of buying a home, rather than renting long term
1. You are in control of your property’s maintenance and improvement
If you own your home, you are in control of what you do with it. Whether you want to redecorate, renovate or even extend (subject to building and planning regulations), that is your decision to make.
Living in a rented property on the other hand, means that you are usually restricted to what improvements can be made to the house and you are dependant on the landlord for maintenance and improvements.
2. No landlord relationship to manage
The tenant/landlord relationship is not always easy and it can be tiresome having to constantly communicate with your landlord about rent and maintenance issues.
Of course, there are many good landlords that are easy to deal with but eliminating the need for a landlord by owning your own property can be liberating.
3. Emotional security
Owning your own home, provides you and your family with your own personal space that you can call your own. When the home is owned by you, you tend to become more attached to it, feel more secure and are able to make it exactly how you want it, which brings emotional security.
4. Less uncertainty
A mortgage lender will need to check your credit history to ascertain how much you can afford to borrow and whether they are willing to lend to you. Many lenders will carry out a soft check which won’t affect your credit rating.
Some lenders do however insist on running hard checks which leave a footprint on your credit file which could lead to a negative impact on your score if carried out multiple times. Be sure to find out which type of check your chosen lender for an AIP runs, so that you can make an informed decision.
5. Payment flexibility
There is no flexibility when paying rent. With a mortgage, you might find a deal that offers some flexibility should you require it. It is important to get the right deal for you so it is best to seek advice – you can get quick and free advice to find the best mortgage deal and also read a series of up to date mortgage guides at our website.
6. Building your own asset
Rent is an expenditure whereas buying a home enhances your long term wealth. When paying into a mortgage, you are effectively paying into your property and the equity in your home goes up.
After the agreed payment term, your home will be fully paid off and it will be a valuable asset. Click here to find out how much your home is worth.
7. A feeling of belonging and permanency
Buying a home can give you a feeling of belonging in an area and a community. It is a long term commitment so you are more likely to become settled into the community around you and embrace the lifestyle.
8. Elevates your sense of achievement
Owning your own property brings a sense of achievement and to some, it is an important status symbol. Whether it’s your first step onto the property market or you’ve managed to move up the property ladder to get your dream home, there is something particularly rewarding about it being your own.
In summary, buying a home offers many rewards and is something most people aspire to during their lifetime. Whether it is the right move for you, depends on your individual financial situation so before you decide to make the move from being a tenant to a homeowner, seek advice.
Visit Propillo, for a range of mortgage guides and mortgage calculators as a start. You can also get free mortgage advice from our online mortgage broker.
