Renting may have its advantages. It gives you the freedom to move all over the world at a whim with little other than notice to your landlord — but there comes a time in most people’s lives where they decide that renting is no longer in their best interests and it may be time to buy a property of their own instead.
For first time buyers especially this can be a scary decision to make, but the benefits of buying are well worth the stress of moving. Are you currently renting a property and considering becoming a property owner? Belvoir Lettings and Estate Agents share with you some of the reasons buying your own home may work for you.
More space and freedom in it
Whether you have recently moved in with a partner, have a little one on the way or are just beginning to feel stifled in a small apartment, there are many reasons for making the move from one’s current home. Even if you are in the market to buy a small house or a city apartment, being the homeowner allows you to tailor the space so it works best for you. Adding shelving, fitting out cupboards and closets, and focusing on making the space somewhere that reflects your own style is much more achievable without a landlord to contend with.
If you find yourself in a stable job, want an asset or are just really committed to living in a location you love, buying a home rather than renting can give you peace of mind. Owning the property you live in means that you don’t need to worry about eviction from a landlord or an increase in rent. It also gives you more control over the space, so there is no need to hassle letting agents to fix issues in your home.
Whilst some people may prefer to rent to avoid the stress of paying for maintenances issues, taking responsibility for it as a home owner cuts out time and energy fighting for changes to be made — unfortunately the payments come down to you.
Boost energy efficiency
Landlords want to make a profit and as result, they are likely to make minimal adaptations to you home whilst you’re in it. Being a homeowner gives you license to adapt your home as you see fit. This also means you can make savvy changes that can improve energy efficiency, helping the environment and saving you money at the same time. By adding loft insulation, upgrading your boiler, and fitting solar panels, you can drastically reduce your energy bills — something you could never do in rented accommodation.
More economically viable
If you have received a promotion at work, or after moving in with a loved one find that you have the ability to save more money than you could in the past, it may be time to consider buying a home rather than renting. Investing in a home you love may be more economically viable for your, rather than pouring money into an apartment or house that you don’t own and never will. Besides, if the going gets tough or you fancy earning a bit of extra cash you can always rent out rooms in your own home.
Something else to consider is that the longer you are removed from the property ladder, the harder it can be to get a mortgage when the time comes. Some mortgage lenders can be less willing to offer mortgages to older buyers, particularly if you will be forced to continue making mortgage repayments into your retirement years.