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St. Modwen Homes

7 reasons to buy rather than rent

7 reasons to buy rather than rent

10 January 2018

Always thought that renting your home makes more sense than buying? Or are you put off by saving for a deposit? We think you might be surprised by the many benefits you can expect from buying your own home. 

  1. It’s cheaper

We understand that saving for a deposit can be hard and that upfront costs can be daunting, however once you’ve saved your deposit, the monthly cost of paying your mortgage in comparison to paying rent can be considerably less.

  1. Investment

Just because you’ve purchased a home doesn’t mean you have to stay in the same place forever. The benefit of owning over renting is that if and when you choose to move, you own a valuable asset that is likely to increase in value. This is likely to strengthen your ability to move up the property ladder and invest more in your next home.

The opportunities available to you when being a homeowner are drastically improved; you could use the money from the sale of your home as a contribution to your next home, or you could retain that property and use it as a source of income. Both of these options are not available to people who rent. If you rent, when you decide to move, the money you invested is essentially lost to the landlord with no further benefits to you.

  1. Make it your own

When you rent a property there are more often than not rules and regulations on what you can do in the way of renovation or decorating. That is something you never have to worry about when owning you own home; it can be painted, renovated, modified and changed to be exactly what you want – it’s your home after all.

These regulations are not just limited to decorating and DIY, in most cases you’re not allowed to have pets in the property and if you do break the rules you can be subjected to fines. Our furry friends are part of the family and if it’s your home there is no need to sacrifice having them around. 

Top of Form

  1. Stability

Owning a home you plan to stay in for a while also allows you to have an impact on your community with your taxes benefiting the local area and all the things around you.

Everyone gets to the point where they want stability in their lives. Owning your own home gives you a home that is yours and you can settle properly with no fear of having to leave based on a landlord.

  1. Improved Credit

For most, when you buy a home you will need a mortgage to allow you to purchase. It might seem like a huge commitment (which it is); however by having a mortgage it will likely increase your credit and ability to borrow in the future. This is based on you always paying your repayments on time.

  1. Booming Market

At the start of your search you may be overwhelmed with the volume of choice available. Rather than let this put you off, see it as a fantastic opportunity to find the house of your dreams rather than settling for a home you don’t love but pay rent for each month. You can also take advantage of the fantastic deals out there when purchasing a new build.

  1. Security

Our final benefit of buying over renting is that your home is 100% yours. This may seem pretty obvious, however it’s the best part! You have security that you can stay in your home as long as you want. Many people say that owning your own home is a feeling of achievement that not many other things can match.

 

Convinced that now might be the time to start thinking about buying your first home? Speak to our sales team to find out how we could help.

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St. Modwen Homes Limited. Head office & Registered Office: Park Point, 17 High Street, Longbridge, Birmingham, B31 2UQ. Company Registration: England & Wales 9095920