For many buyers it is that sense of ownership and a pride in your own home that drives us to buy and this sense of pride cannot be mirrored to the same extent through renting. Within your own home you can express your own unique style and be as traditional or as creative as you like which in turn gives you space to be incredibly proud of, and a space that you personally have created. This is really where the fun is to be found!
When any outstanding mortgage is paid off the intention would eventually be to own your home outright which also makes home ownership a cheaper long-term investment. Rent would have to be paid throughout the whole of your occupation of the property however once you complete the term of your mortgage you are done! Not to mention that some mortgage payments are actually cheaper then rents are initially. There is certainly an aspect of mortgage borrowing which gives you more control over your finances in that you can negotiate with the lender on your payment schedules, meaning you can pay off more when you can afford it or reduce the payments when times are feeling a little tougher.
Once a home is owned outright, you then have the equity available to assist you perhaps at a retirement stage of life when the house can be sold in order to downsize, once the birds have flown the nest of course. Having downsized, you might then have a lump sum of equity available to make your new property your own or to spend on fulfilling those dreams that you just didn’t have the capacity to follow through on when there were mortgage payments to be met.
Property values in any part of the country will fluctuate periodically however over an extended period of time property has the potential to appreciate in value for a long term investment and security for home owners.
There are some other benefits which may not seem as obvious, including building up a credit rating in order to apply for other loans in the future and also not being at the mercy of a landlord who might decide your long term home is now ripe to be sold on, forcing you to move home when it might not be best for you and your family.
Clearly it should be said that purchasing a home may not always be the right decision for everyone and it’s not a decision to take lightly. Your financial ability to purchase should be one of the main factors to take into consideration as well as any deposit required and your overall security but, with the decline house prices have seen over the last couple of years, there are some incredible opportunities within this market. With the stamp duty set to change in March 2012 and with a host of properties we have for sale currently offering a discount for purchase before the end of February perhaps those thinking about buying next year should think about starting the house hunt early!
