The benefits of owning your home over renting
Homeownership is the goal for many people. While renting might be fine for the time being, many people want to strive to achieve a home that belongs to them.
Even though you’ll (most likely) be paying it off for years to come, it still feels better to know that it’s your space and you can do what you like with it. If you’re trying to decide whether owning or renting is best for you right now, take a look at these benefits….
Mortgage payments could be lower than rent
For the majority of people, owning is cheaper than renting – which is madness! Of course, it depends on what you’re paying in rent now and what sort of budget you have if you decide to buy. There are several ways you might lower your monthly mortgage payments, including having a lower budget and choosing a longer term of mortgage.
Control over your home
For a lot of people, one of the best things about homeownership is that you get to decide what to do with your own home. When you’re renting, it comes down to how nice your landlord is about any changes. Some will let you do what you like, within reason, while others don’t want you to even paint the walls or put pictures up! Owning your home through Simply Living Homes (or similar) helps to put you in charge. You get to decide if you want to make any changes, whether big or small….of course if you go too grand, the council’s planning department may well have something to say about it *eye roll*
More security
Renting can make you feel as if you don’t have as much security. You could be asked to leave on the whim of your landlord. If you’re lucky, you might get to stay somewhere for years. However, if you’re not, you could find yourself moving a lot. Owning a home gives you more security, allowing you to stay put in one place for as long as you want.
Invest in your future
Homeownership can be a good way to invest in your future. When you buy a home, you might aim to pay off the mortgage and own it outright by the time you retire. This will mean that when you retire, your living expenses will be a lot lower. You’ll only need to worry about your bills and other daily expenses, with no mortgage or rent payments to worry about. A home could also help to fund the need for future care, or you might downsize to a smaller home that you can pay for with cash.
*This is a collaborative post.
