Welcome to the exciting world of homeownership! Owning your own home is a huge step, but it's one that comes with countless benefits. Not only do you get the personal satisfaction of owning your own place - you also get a few financial perks that you might not expect.
Here are just a few of the many reasons why owning a home can be so beneficial.
Enjoy total freedom
When you rent an apartment, there is a limit to how much you can redesign your home. But if you own your own place, the world becomes your oyster. You can design and decorate your new pad however you please - without having to ask for permission from your landlord. Want to scrap your outdated wallpaper? Feel free. When you own your own home, the only limit is your imagination.
You’ll get to build equity
If you rent an apartment, the money that you spend goes straight into your landlord’s pocket. But if you buy a home, you’ll know that you are investing in a home for not just now, but also the future. Equity is essentially the amount of the property that you own - the amount you’ve already paid in mortgage repayments and your deposit.
Building equity in your home won’t happen overnight, but paying off your mortgage means owning more and more of your home. And if the value of your property increases over time, you’ll be perfectly placed to make a profit should you wish to move.
What buying option is right for me?
Less unexpected fees
As a tenant, there’s always the chance that you might be the victim of a sudden price hike or hidden cost from a landlord. However, with home ownership you’ll always know what to expect. You’ll have your monthly mortgage repayments and utility bills. This makes it a lot easier to budget, as you’ll avoid any nasty surprises when you check your bank statement at the end of the month.
More long-term security
While renting is great for people who prefer a more flexible lifestyle, home ownership is perfect for people looking for a stable home for years to come. Psychologically, home ownership gives you a sense of permanence and security that you can’t get from temporary renting.
But stability doesn’t just come in your sense of place and belonging - it also builds up the strength of your financial situation as you build equity over time. And if you are looking to start a family sometime in the future, your home is the perfect place to do it.
Build a sense of community
Unless you become best buddies with your flatmates, renting doesn’t really give you the opportunity to form a long-lasting bond with your community. But if you buy your own home, you’ll be able to put your roots down in a community you love. You’ll become familiar with your routes, the best food spots and attractions, and even become a more active member of your neighbourhood. Whatever area you decide to live in, you’ll soon find comfort and pride in your hometown.
A place to call home
There's nothing like having your own place to call home. Given the blood, sweat and tears that go into buying a property, home ownership is a huge source of pride. Once you’ve decorated and put your own spin on the place, you’ll have a place to invite your friends, and prove to your parents that you’re a fully functioning adult!
Can’t afford to buy a home?
Owning your home might sound great, but having the funds to do it is another question. With Shared Ownership, you can speed-up the home-buying process by buying a smaller share of your home, and renting the share that isn’t yours.
