Some people find it difficult to deal with the stress that comes with mortgages. Others feel that they do not have the requirements to own a house so they take renting as a way out of their accommodation problems.
The process of buying a home may be difficult and expensive and the prospects of paying property taxes and insurance may not sound appealing. Even maintaining a house after buying requires a lot of finance and effort. Well, if you can manage to look past these challenges and take the bold step to buy your own house, you will have immense benefits.
Britainreviews has an archive of testimonials collected through online reviews about home insurance in the UK that illustrate these benefits.
Consider these five reasons why you are better off buying a house rather than renting it.
1. Buying a home gives you a feeling of self-satisfaction.
No matter how fancy your rental is, nothing beats the feeling you get by saying “welcome to my house” when you finally buy one. Once you buy, the house is yours and that is a feat with an invaluable price tag because then, you won’t have to worry about possible impromptu eviction.
2. It is cheaper to buy than rent a house.
If you focus on the yearly rates on your rent, you won’t see how buying is cheaper. The number of Pounds spent on paying your rent for 10 years may be more than what is required to buy a modest home. And when each rent expires, the realisation that you don’t own the house hits you badly.
However, when you buy your own house, the money saved in the long run can be used to plan your retirement or help pay the mortgage.
3. Owning a house is a way of building wealth.
Have you ever considered being a landlord for a change? The money you will rake in from collecting rent will help with recurring property taxes and help you get more savings. Besides, the value of your house may increase to worth as much as twice the amount you bought it for, over the years. This simply means that if you decide to sell the house, the money made might just be enough for you to live out your retirement without worries.
4. Buying a house strengthens your ties with the community.
Moving from one rental to another deprives you of the joy of setting down your roots in a particular neighbourhood. This affects the relationships you form as every few years, it is out with the old and in with the new. As soon as you move into your own house, you can start relating well with members of the community. Your ties with the neighbours will be strengthened over the years.
5. Your children will do better at school and have excellent behaviour.
Studies have shown that children who often change schools tend to perform badly in school as a result of having to deal with changes in the environment, curriculum, and academic standards. Each move unsettles the child and considerable academic progress may be lost.
In addition to performing better at school, homeownership reduces the chances of behavioral problems. Exposure to different peers with each move is reduced to the barest minimum.
After considering these benefits be reminded that buying a house is relatively easy. If you can save up the 20% down payment, you can pay off the rest with the monthly mortgage. And when it gets difficult, focus on the alluring prospect that soon, you will be a house owner.