To rent or to buy? It’s a question that will plague the minds of us all at some point in our lives, and with the current climate, what once was an easy decision is now a conundrum. So, what’s so great about owning your home vs. renting?
Good Old Fashioned Security
For some people, knowing they have a home to pass on to their children is the most important aspect of home ownership. The security an asset like a home can offer a family is often worth those grueling years spent saving for a deposit.
A Place to Make Your Own
For others, renting is too restrictive, and finding the perfect property can be almost impossible when you don’t have the freedom to make any changes. Home ownership gives you complete freedom to knock down walls, extend and decorate to your heart’s content.
It’s Cheaper in the Long Term
A mortgage is undoubtedly cheaper than renting over your lifespan as you gain an asset you can either sell for cash or pass on to your family. Whilst often costing around the same as a mortgage per month (at the moment, anyway), renting ultimately gains you nothing in the long run.
It Forces You to Save
You might not have thought of a mortgage in this way before, but essentially it’s like a forced savings plan. Each month you build up more valuable equity in your home. Ok, so it’s not like a traditional pot of saved money, but if you should ever need one of those, owning your house means you can apply for a homeowner’s loan from the likes of Nemo (providing you can meet the monthly repayments of course, or you could end up risking your home altogether).
Houses Generally Increase in Value
One of the biggest benefits of owning a home is that there’s a good chance you could actually make money from it. Houses generally increase in value over the period of your mortgage, so do your research properly and you could make a sound investment.
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