Homeownership Is More Than Just A Permanent Nesting Place
Over the years, debates over whether buying a house is better than renting have been a great deal. Renters, buyers, sellers, and landlords had given their own opinions and all of them got their points.
New research from Santander Mortgages suggests that owning a home is cheaper than renting in every part of the UK. Prospective first-time buyers could at least save up to £2,2268 per year if they would own a house. The new research also states that buyers should raise a deposit of 24 % and make a mortgage payment for 25 years with 2.48 % interest. Santander Mortgages assumes a £51,9052 average deposit for first-time buyers.
Owning a house is more than just having a permanent personal space. There are even more beyond it.
Being more secure is the main advantage of being a house owner. It could be possible that you stay in the same rental space for more years, but the rental amount would increase from time to time. Also, some situations may bring your landlord to a decision of taking the property or selling it, and you will be asked to leave. Whereas, if you own a house, you will have peace of mind of not being in that situation. You can settle yourself and take part in the community organizations or services knowing you are not moving anytime soon.
You enjoy freedom when you have your own house. There is no binding contract to sign and house regulations to follow. You can also have your family or friends to stay for a vacation without asking permission from anyone. Most importantly, you can have house renovation or improvement as often as you like, which in turn will increase the value of your home.
Houses are viewed as a great investment in the UK, considering the annual increases in property values. The mortgage payment may drain your wallet for a time being, but you’ll see that it is beneficial over time. In the long-term, you could use the equity for future expenses or buying a bigger house for your family.
Comparing these to renting, you’ll see that there are bigger benefits of having your own property.