Having your own place is the dream, but when it comes to buying a property over renting often it’s a case of personal financial circumstance more than any other factor. Everyone wants to own their own place eventually and though saving for a deposit for your dream home can be a slog, the pros definitely outweigh the cons.
Whether you decide to stay at home with your parents while you save or put away a little here and there while you rent, having an end goal and plan for buying a home gives you something to aim for.
The good news is it has never been easier for you to get a foot up on the property ladder, with the government’s introduction of the Help to Buy scheme. This mortgage guarantee scheme works by offering home buyers more high-loan-to-value mortgages from approved lenders, meaning you could buy a property for as little as 5% of the deposit.
Below we’ve listed a few of the benefits of buying a home rather than being stuck renting forever:
Perhaps the most appealing factor to buying over renting is that the property is yours, offering you stability and security that the rental market does not. Not only does this mean you get to put down roots and do as you please, it also means there is no end of a tenancy contract or price hikes to worry about down the line nor worries about getting your rental deposit back.
With outgoings that will hardly fluctuate from month to month, this also allows you to actively budget and kick start financial planning for your future.
The independence and privacy that comes from owning your property means you’re free to do whatever you want. That means no more tenancy checks, no more haggling over whether you can or can’t keep pets, and no more back and forth over what was damaged before and what’s been damaged in the rental property since.
Not only that but you get to redecorate and re-plan to your hearts content – whether that involves something as simple as repainting the walls or more ambitious projects such as building an extension or refitting the kitchen – truly putting your fingerprints on the property and making it officially home.
One of the major advantages of setting down roots and buying a property is the community that you become a part of. From schools and local groups to boutique shops and pubs, one of the great things you’ll find out from settling down into a nice and quiet local area is that there’s advice and a friendly face at every turn – this can make settling in a more pleasant experience.
By owning your own property, you are effectively investing in the future and creating an asset that will (hopefully) rise in price down the years. Whether this happens or the price goes down, the fact of the matter is you would still own it outright at the end of the mortgage term.
With this in mind, it helps to think of your property as you living in a long-term savings account – if you decide to pay off your home at any point you are freeing up cash for others uses.
First things first, before you can take advantage of all these benefits, is to get the ball rolling on your move. What we bring to the buying process is a refined approach to conveyancing, as our app lets you see all stages of your move via the real-time tracker and chain view – this allows everyone involved in the buying and selling process to keep track of all the important documents and have them all in one place for greater peace of mind.
Not only that but the app allows you to e-sign documents if you’re on the move or out of the country, cutting through reams of unnecessary paperwork and red lights to ensure you’ll be in your new place in no time.