Buying your first home is a significant milestone, create a space that’s truly yours and put down your roots. Even though the responsibility of owning your home may seem overwhelming, there are many more advantages to owning your own home than there are disadvantages. For example:
- You can create the home you want
When you rent a place, you’re often restricted to the style and décor chosen by your landlord. Perhaps the most exciting thing about owning your own home is the opportunity to modify it to reflect your style and taste. You have the freedom to paint any room any colour, knock through walls, or hang as many photo frames as you wish whilst knowing that it’ll be you who benefits from your homes increased value, rather than your landlords.
- You can build up equity
Equity is the amount of your home that you own. As you make your monthly mortgage repayments, part of that payment will go towards paying off the interest, while the rest goes towards paying off the capital. This means, each month you pay off your mortgage, your equity will increase, enabling you to reinvest it into your home itself or even a new home.
- Predictable monthly payment
When you are renting a property, there is always a risk of your rental payments increasing. On the other hand, when you own your own home and you’ve taken out a fixed-rate mortgage, you will pay the same amount each month until your fixed rate comes to an end. This can provide stability and help with your living expenses, so if your income goes up, it can be budgeted elsewhere.
- Make your own rules
Landlords often have a set of rules they want you to follow, such as ‘no pets.’ However, when you’re the owner of your own home, you can make your own house rules and have as many pets as you wish!!
- Plant your roots
One of the best things about owning your own home is the strong sense of stability and security it can offer. You can rest assured knowing it is a place you can always call home and make memories with your loved ones, should you wish to plant your roots and settle down here for the long term.