There are so many benefits of owning a home vs renting one! Buying a home offers stability, the potential for equity growth, and the freedom to personalise your space however you want to. It gives you something to invest in and a community to be a part of.
So, if you’re looking to get out of renting, and take that first step onto the property ladder, here’s all reason why you should!
Highest on the list of advantages of owning a home is that it can often be cheaper per month than renting. While there is a need for an upfront cost for the deposit, monthly mortgage payments are very often far smaller than any rent you would have to pay in the same area.
According to a study looking at Q1 of 2024 by Canopy, renters are spending 38% of their income on rent compared to 18% for homeowners on their mortgage payments.
Plus, with a fixed rate mortgage, you will have full control of how much you are spending, putting to one side any worries you might currently have of your landlord suddenly deciding to increase your rent. This will give you more peace of mind and allow you to confidently plan your finances.
Tired of having to ask your landlord whenever you want to put a nail in a wall to hang up your favourite painting? One of the benefits of owning a home is that you will never have to do that again.
As soon as you’re on the property ladder, you can do whatever you want (within reason) with your new home. Put up a shelf? Go for it! Plant new flowers in your garden? Sure! Paint a wall bright pink? Why not?
Not only that, but you can also improve it as you please, potentially increasing its value in the long term.
The possibilities are essentially endless, allowing you to create the home you have always dreamed of without having to answer to anyone.
If you’ve been renting for a while, you may have moved houses several times, which can become very frustrating.
Another one of the many benefits of homeownership is that you can settle for the long run, allowing you to become an active member of the community around you.
You might end up personally knowing your neighbours personally and potentially make friends for life. You will also have the stability and security of never having to worry about moving because your landlord has decided to increase the rent or sell the property.
With many landlords reluctant to allow renters from bringing pets in their homes, another of the many benefits of owning a home is you can have as many as you want.
If you’ve always dreamed of having a dog or a cat, buying your own home will give you that freedom without having to ask anybody else.
When you buy a home, you’re investing your money more wisely!
The money you pay monthly towards your mortgage builds equity making your home a valuable long-term investment. Every mortgage repayment you make brings you closer to no monthly payments.
Plus, if your home gains in value, whether due to a buoyant market or improvements, you could profit upon selling it in the future.
Another benefit of owning a home is that unlike rent, mortgage payments are added to your credit report since they're reported by your lender.
If you pay your mortgage on time every month, you can improve your credit score.
What better feeling could there be than the excitement of purchasing your own home?! It’s such a huge achievement to be proud of.
If you don’t believe us, a study by the HomeOwners Alliance comparing the benefits of owning a home vs renting indicated that 91% of homeowners feel their home contributes to positive wellbeing, compared with 79% of renters. Yet just 50% of UK adults currently own their own homes.
So, what are you waiting for? Click here to discover your dream home with Avant!
