What is your long term goal when it comes to property?
If we were to take a guess, we’d probably say that you were looking to own your own place someday. A nice little house? A flat? Who knows? That might not be clear to you right now. But, what is clear is that you definitely want it to be yours. A place you can call your own. Home sweet home.
Are we close?..Yeah, thought so.
But why is that the case? What is it about buying a property that really appeals to you? Is renting really that bad? Or are you unsure about what either of these two options really has to offer?
Over the next four weeks, we’ll be taking a look at the advantages and the disadvantages of both buying and renting a property. By the end, maybe you will have changed your mind about what it is you are looking for. Then again, perhaps you won’t. Either way, we hope you will come away a little more informed about the situations available and get you thinking about what really is best for you.
And so, let us start where many of us mean to end: buying a property. What are the advantages? Why is it such a good idea? Let’s take a look.
Control: If you’ve been renting your whole life, this one has a real feel-good factor. It’s your place, so you can do whatever the heck you like with it! No landlord telling you what you can and cannot do. You want pets? Get a zoo full! You like the colour pink? Paint the whole house that way! Whatever it is you’ve always wanted to do, now is your chance to do it. The property is yours. Go nuts.
Stability: Having bought a property, it’s quite likely that you plan on staying there quite a while. No more moving vans or mountains of boxes. And, best of all, nobody telling you you have to move out at short notice. All the stresses of moving are long gone, at least for the foreseeable future. Just sit back, relax and think about how you’re going to turn this house into a home.
Competitive Repayments: It’s quite likely that what you pay for your mortgage on a monthly basis will be very competitively priced compared to the rent you would ordinarily pay for a similar property. In fact, it could be cheaper! Plus, at the end of it all, you get yourself a property that is absolutely and wholly yours. No more mortgage! No more rent! It’s a winner!
Financial Gains: If the value of your property increases, through shifts in the market or by some smart changes you’ve made, then all of the financial gains will be yours if you choose to sell up and move on. Increases in your property’s value also create equity, which allows you to trade up on your next purchase.
Future: So you’ve decided that this is your home for life. That’s great. And you know the best part? Many, many decades from now, when you have lived your life and shuffled off this mortal coil, the home you have built and poured all of your love into will be passed onto someone you love. Now, what greater gift is there than that?
Buying your own home is a big deal and it is has many advantages, which is why so many of us want to go for it.
But is it all sunshine and roses?
Next week we’ll take a look at some of the disadvantages of purchasing a property and see whether or not, on balance, it is the right thing for you to do at this stage of your life.
In the meantime, we at Belvoir Edinburgh hope you are all doing well. Take care. And Happy Housekeeping.