Owning your own property is on the decline, especially for people within the 25 – 34 year old age bracket, but owning your own place is still one of the top “life goals” of millennials and Generation X alike. So why is owning your own house awesome? Here are our top 5 reasons:
- It’s yours. You get to do what you want. Once you reach a certain age, having the control to manage, design and create your own home becomes something which is highly appealing. But, more than that, you get to use it how you wish! No need to ask permission to make aesthetic changes to the inside, no need to check your lease allows pets – you can get a pet if you just want to. It’s yours, so you get to choose.
- You are investing in your future. Every time you make a mortgage payment, you are making a small deposit into your future. People who rent and never buy a home must do so for the rest of their lives, meaning that deep into retirement, they will still be making rent payments. In addition, once you own your own home outright and have completed your mortgage payments – you could choose to downsize your property to release some equity which can finance retirement, holidays or simply an adjustment in your lifestyle. It’s a major benefit.
- You get to live there – no landlord to force you to move. When you are renting, you are reliant on the landlord maintaining the property, responding to your requests and not selling the property out from under you. Providing you are meeting your mortgage payments, you won’t be forced to move based on someone else’s circumstances.
- You get to live rent free eventually. Once your mortgage is paid off, that monthly payment can go straight into your pocket – whether that’s saving for that special once-in-a-lifetime holiday or whether it’s financing your future retirement plans. Equally, if you choose to downsize before the end of your mortgage, you can pay off the deficit and start living rent free early!
- You can profit if prices rise. As the market changes, so does the property value, meaning you can be in the privileged position of gaining positive equity in your property – you get to make Choose to downsize at this point and come out with a profit and some cash in your pocket or sell early and take the opportunity of the house price increase to make the next step up the ladder.
Want to talk to someone about getting on the property ladder? Get in touch with one of our team today and see what options you might have – there are more than you might think.