Most people want to own their homes one day and it makes perfect sense, why wouldn’t you want to own the home in which you live so that you can make the adjustments you’d like to make and enjoy your space?
The property ladder is something you should endeavour to do as soon as you can in life, because as much as renting is affordable, and, sometimes the only option, you need to consider working towards purchasing your first home. Any mortgage broker will tell you that you can do this with a smaller loan or a bigger one, or some people may even be fortunate enough to buy outright. If you are still on the fence as to whether or not you should do it, we’ve put together some of the best reasons to get on the property ladder.
- You are investing in your future. When you buy a house, whether you live in it or not at first, you are investing in your own future. Even if you are investing in somewhere for tenants to live, it’s still going to benefit you in the long term. Eventually, you’re going to end up with a large sum of equity in your home that you can then sell up and downsize or you have some extra cash to enjoy your retirement. If you just leave that money in the bank, it’s not going to go anywhere and you’re not going to see any return. Just like the property market, things can go up and down in terms of interest rates, so buying a tangible asset like a house helps you invest in your future for the long term.
- Renting is essentially dead money. We all know this, and we all know how hard it is to get on that property ladder in the first place. Renting may be a necessity for a lot of people who can’t get on that property ladder, and it can be a really good stepping start for your parent’s property. That being said, renting should be a short term idea in your head while you save a deposit.
- You have creative freedom. When you have your own home that you bought, you have complete freedom to do with it what you will. You can paint it, build it, you can wallpaper it, change the carpets, it’s all completely up to you. You can make it a home and you don’t have to worry about upsetting anybody if repairs have to be made. You can do what you want within reason, and as long as you have planning permission for any extensions.
- It can make you money. If you buy a house and you build up enough equity to buy a second house, the first one can be used for tenants to rent from you. This will be a money maker for you and while you rent, you can’t sublet. With owning a property you could change it into an Airbnb, or you can rent to long term tenants. There are companies out there that will use properties for film sets or even calendar shoots, so there are plenty of benefits for owning your own home.