What Are The Benefits Of Buying A House?

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Not everyone will be in a position where they’re able to choose between buying a property or renting their home, but if you do have that choice, what is it about buying that might make it a better option? You’ll probably have been told that when you get the chance to buy a house or apartment that’s precisely what you should do, but is it really the best idea?

There are, of course, a lot of things to consider before you buy a property, and there are definitely negatives as well as positives, but in the end, the benefits tend to outweigh everything else, so let’s take a look at what those benefits are so you can see if it’s the right thing for you.

Security

Renting a home isn’t a secure option, and if your landlord decides to increase the rent and you can no longer afford it, if they decide to sell the property and the new owners don’t want to keep you as existing tenants, or if there are any disagreements with the tenancy, you might find that you have to move out. That’s going to be hugely disruptive to your live, and the lives of anyone living with you, such as your children, and the thing to remember is that it can happen no matter what property you live in - you might have to move multiple times even if it’s not your choice.

There’s a big difference between the possibility of having to find a new place to live at any moment and the security that comes with owning your own home. Of course, there are still potential issues that could mean you have to move, and you will need to keep up with your mortgage, which is why speaking to an expert mortgage broker is the best thing to do, as they’ll help you find a mortgage you can afford, but in general, unless you choose to move, you won’t have to when you own your property.

That means you can relax and enjoy your own space, and you won’t have to keep moving around, which can lead to having to make new friends, change jobs, or change schools.

Make Money

Another excellent reason for buying a property when you have the chance to is that it’s an investment, and one that can make you a lot of money by the time you come to sell in the future.

When you pay rent, you’re essentially paying your landlord’s mortgage on the property and a little more besides so they can make a profit (and so they can ensure there’s a contingency fund for repairs, or at least that’s the ideal situation), and you’re not making a penny from the transaction. However, when you pay your mortgage, you’re paying down the amount of money you borrowed to buy the house, and that means that if you wait for long enough, you’ll be mortgage-free and have nothing to pay at all. Plus, when you sell the property, you’ll usually find that its value has increased - add that to the money you’ve paid off, and you should come away with a profit. And don’t forget, a mortgage payment (as long as it’s a fair deal) will often be less than a rent payment would be, so you’re saving money at all points.

Make Decisions

When you rent your home, it’s your landlord who will have the final say over any work that needs to be done or any changes that you want to make, and although some landlords will be happy for you to add extra rooms or completely change the interior, most will draw a line and only allow for minor decoration, if that. That means that no matter how long you might live somewhere, it will never really feel like your home because you’re not able to have it the way you want it.

That’s very different when you own your property, and you’ll be able to make decisions about the changes you want to take place, extensions, landscaping, interior decoration and design, and so on. You can make your home reflect your own tastes and personality, and no one is going to tell you you can’t do it - although do be aware that there might be some restrictions when it comes to building work, and you might still need to get planning permission, so it’s best to find out before you get carried away and get started.

However, in general terms you can have the home of your dreams and there won’t be anyone you have to ask for permission to do it.