With rent prices continuously on the rise, it’s understandable for you to wonder whether there are any benefits of buying a home.
The simple answer is yes, and we will tell you exactly why you should be waving goodbye to your landlord and becoming your own boss when it comes to homeownership
Highest on the list of advantages of owning a home is that it can often lighten the load on your monthly wage. While there is a need for an upfront cost for the deposit, monthly mortgage payments are very often far smaller than any rent you would have to pay in the same area.
According to a study looking at Q1 of 2024 by Canopy, renters are spending 38% of their income on rent compared to 18% for homeowners on their mortgage payments.
Plus, with a fixed rate mortgage, you will have full control of how much you are spending, putting to one side any worries you might currently have of your landlord suddenly deciding to increase your rent. This will give you more peace of mind and allow you to confidently plan your finances.
Tired of having to ask your landlord whenever you want to put a nail in a wall to hang up your favourite painting? One of the benefits of owning a home is that you will never have to do that again.
As soon as you’re on the property ladder, you can do whatever you want (within reason) with your new home. Put up a shelf? Go for it! Plant new flowers in your garden? Sure! Paint a wall bright pink? Why not?
Not only that, but you can also improve it as you please, potentially increasing its value in the long term.
The possibilities are essentially endless, allowing you to create the home you have always dreamed of without having to answer to anyone.
If you’ve been renting for a while, you may have moved houses several times, which can become very frustrating.
Another one of the many benefits of homeownership is that you can settle for the long run, allowing you to become an active member of the community around you.
You might end up personally knowing your neighbours personally and potentially make friends for life. You will also have the stability and security of never having to worry about moving because your landlord has decided to increase the rent or sell his property.
With many landlords reluctant to allow renters from bringing pets in their homes, another of the many benefits of owning a home is you can have as many as you want.
If you’ve always dreamed of having a dog and a cat, buying your own home will give you that freedom without having to ask anybody else.
Aside from all the practical advantages listed above, finally becoming a homeowner will very likely bring you peace of mind, newfound excitement, and general happiness.
After all, who hasn’t dreamed of owning their own house?
If you don’t believe us, a study by the HomeOwners Alliance comparing the benefits of owning a home vs renting indicated that 91% of homeowners feel their home contributes to positive wellbeing, compared with 79% of renters. Yet just 50% of UK adults currently own their own homes.
So, what are you waiting for? Click here to discover your dream home with Avant!
