4 Benefits of Becoming a Homeowner

Getting on the property ladder can be a long process, but it’s worth the wait.

16:27 21 October 2020

While there are benefits to renting a property to live in, owning a home can offer much more and this is why so many people are saving to put a deposit down on their first house. You might have to cut back on some luxuries and make compromises to save enough to buy a property, but if you’re growing tired of increasing rents, then buying a house is the logical next step.

 

If you’re still undecided about whether purchasing a property is the right move for you, here are some of the key benefits of becoming a homeowner.

 

1. Security

 

You may have been living in your rented accommodation for a long time, but if your landlord decides to sell the house you will have to start looking for a new home. This isn’t the end of the world, but if you have become settled in your home and local area this can be distressing for some people. If you own a property, you don’t have to worry about moving again until you decided you want to, nor will you have to deal with changes to tenancy agreements or a rent increase.

 

2. Financial Gain

 

The initial cost of buying a house might seem expensive, as most of the time you’re expected to pay at least 10% of the selling price as a deposit. There are also additional costs like solicitor’s fees, getting a property survey, estate agent fees, and so on. However, in the long-term, there are a lot of financial gains to buying a property. It’s more than likely that the value of your home will increase over time, especially if you invest in home improvements and the local area becomes a more popular place to live.

 

You could also get a lodger to move into the home with you, and their rent could go towards paying off your mortgage, or you could hire the property to tenants at a later date if you wanted to move elsewhere. There are also schemes in place for help to buy new builds, making it more manageable for first-time buyers to put down a deposit.

 

3. Freedom to Create Your Ideal Home

 

Another perk of owning your home is that you have the freedom to decorate it as often as you like, and in a way that suits your tastes. Some landlords might be more flexible with tenants on this, but usually, there are limitations to how much you can change. You can also decide whether you would like to extend the property, replace the kitchen or bathroom, as well as other big home improvement projects that you wouldn’t have the freedom to do in a rented property.

 

4. Sense of Achievement

 

Buying a house is a milestone that many people would like to reach in their lifetime, but it isn’t always possible. Becoming a homeowner could help you feel a sense of achievement by reaching that goal, as well as providing more opportunities for you in the future.

 

Renting might be suitable for your lifestyle now, but consider where you want to be in the future and how owning a property could be beneficial to you in the long term.