The benefits of homeownership vs renting

There are so many benefits of owning a home vs renting one. If you’re wanting stability and the freedom to personalise your space however you want, homeownership is the best option for you!

So, if you’re thinking of getting onto the property ladder or just weighing up the pros and cons, here’s some advantages of owning a home vs renting.

Save money

Owning your own home can often work out cheaper per month than renting costs. When house hunting, you’ll likely find that in some areas your monthly mortgage payment is much lower than renting. 

On average, current homeowners pay 26% of their total earnings on mortgage payments whereas renters are paying 28.3% of their earnings for the equivalent property. 

With a fixed rate mortgage, you can control the amount of your monthly payment, giving you security rather than being left at the whim of a landlord and allows for better financial planning. 

Freedom to personalise

Decorate your home the way you want! You don’t need to ask a landlord for permission to paint a wall, put up a shelf or to plant things in your garden.

When you are a homeowner, you can take control over the look and feel of your home. The possibilities are endless, create your dream living space whilst potentially adding value to your home. 

Settle in a community

As a homeowner, you’ll become a member of the local community, rather than being a temporary guest of your landlord. 

You will have the security and stability of knowing you’re not subject to possible rent increases or eviction. 

Have pets

You’ll find that many landlords won’t allow you to have pets in rented homes. So a huge positive about owning your own home is that you can have a furry companion without the need to ask your landlord for permission. 

Emotional benefits 

Being a homeowner will give you greater satisfaction and happiness. Owning a home is one of most people’s lifetime goals!

A study by the HomeOwners Alliance which compared renting with owning a home indicated that 91% of homeowners feel their home contributes to positive wellbeing, compared with 79% of renters. 

What better feeling could there be than the excitement of purchasing your own home?!

Click here to discover your dream home!

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