Buying your own home is very much high on the societal success list, and it is harder than it has ever been to afford one. Having your own place can give you a peace of mind that renting cannot often bring and can offer you the most freedom when wanting to make a house a home.
However, there are still many pros and cons to buying your own house, and even if you have got the money waiting, it is definitely worth taking all of them into account.
In this article we will discuss few considerations that you need to make when it comes to buying your own house so you can make the right choice for yourself.
Read on to find out more!
Contents
1. A Peace of Mind
Being evicted is a real worry for those who are renting right now, especially as there appears to be fewer and fewer rights for renters and laws that favor landlords to do as they please.
This can be incredibly stressful for those who are living in a rented place, as they never know when they might have to move next.
Trying to build a life while having that hang over your shoulders is not conducive to a relaxed life well lived. If you are able to afford to purchase your own property, it can give you a peace of mind that no other situation can.
2. All the Repairs Are on You
Perhaps one of the most stressful parts of owning a home is the responsibility that comes with it. It is not like renting, where your landlord is responsible for any damages or faults, no matter how small. Your own home means being responsible for its problems whenever they turn up.
This can be off-putting to those who are considering buying, especially if the mortgage is similar to a rent price because you have to fork out for a new boiler if one breaks, get the roof fixed, or sort out a leaking pipe.
3. Full Creative Control
When you buy your own house, it is yours to do whatever you want with it, which is one of the best reasons for owning one! Renting a home is well known for holding you back when it comes to decorating, redesigning, or doing any major improvements to the structure, if not least because it is not yours to keep.
Many people can be put off making adjustments to rented property even if they are allowed, as the money has to be taken out of their own pocket, and there is no guarantee they will be allowed to stay there after the tenancy agreement is up.
When the house is yours, you can do whatever you like to it (with the right permissions) and reap whatever rewards and benefits that come from that for as long as you want the property!
If you are looking to buy your own property and are looking at a high-value or expensive choice, it is best to take a look at large mortgages with a specialist that can assist you through the process.
4. It is a Commitment
Leasing a place offers you the freedom to switch things up whenever you feel like it. You can move down the road or even to an entirely different country either at the end of your tenancy or just by breaking your lease agreement.
This can be a relief for those who do not want to stay in the same place for very long, have not found their dream place to settle down in, or simply do not want to settle down yet.
Buying a house can essentially be an anchor, especially if you have high mortgage payments and taxes on top of that, and unless you choose to become a landlord and lease out your property to pay for these (which is another significant commitment in itself), then you will be stuck living in the property and paying everything off for the foreseeable future.
5. Investing and Building Equity
While our homes are first and foremost a place where we can feel safe and put a roof over our heads, they are also something that, for the foreseeable future, will have a high value.
The average cost of a small home is over $100,000, which is a big chunk of change. Looking after it and paying attention to the housing market will show you if your home becomes something worth trading.
You can also use your home as equity against other things if you need a quick injection of cash for something such as a once-in-a-lifetime trip if you need to help a family member or if you want to finance your child going to university.
Paying off your mortgage on time and at a fixed rate also means that when your home is paid off, you can enjoy it in peace without the extra expenses.
This is also worth thinking about if you plan to move to a smaller house when you are retired, or you might need back up for something such as care costs.
6. You Need Capital Upfront
As with many large purchases, the usual drawback is having the initial funds to make an investment in the first place.
Houses are not cheap – if anything, they are at the highest value they have ever been, which means getting hold of a deposit can be trickier than it has ever been before.
A large lump sum of money does not often fall at someone’s lap, so being able to come up with the deposit can be a real challenge.
Conclusion
Getting your one house is a great feeling, especially when it’s your first one, but it does present obstacles.
However, having a place to call your own is often worth the trials and tribulations of being responsible for a property, providing that you are honest and sensible about what you can afford and work within your budget. Slow and steady wins the race!
