The Benefits of Home Ownership

Buying your first home is almost a hallmark of becoming an adult these days, and for good reason. Home ownership comes with a lot of positive aspects you just won’t find in the world of flat rental. Wondering what’s so good about it?
  • Once you finish paying off your mortgage, you never have to worry about paying for a place to live in the future.  Every payment you make puts you a bit closer to that mark, 
  • Your home could increase in value, and then you can use its equity to do whatever you like – buy a second home, fund your retirement, or buy something even nicer. 
  • You never have to deal with a landlord when you want to make changes. Hate the garden gate? Change it. Want to install a glass shower enclosure? Go for it. The home is yours to do with what you like.
  • It can be cheaper than rent in some markets. 
  • No landlord can ever make you move because he or she wants to sell the property. 
It sounds like the perfect choice, right? For many, it is. Before you get ready to buy, make sure you’ve done all of the following. 
Saved Enough for a Deposit
You need a deposit to get many mortgages, and in most situations, you need to have saved 5 per cent of the cost of the home. So, for example, if you’re buying a home for  £200,000, you will need £10,000 for a deposit. 
Additional Savings
You may need other savings, too. You’ll need to cover the lending fees, the stamp duty, moving fees, and solicitor’s fees. There are many calculators available online to help you decide how much each of those might be for the property you’re considering. 
A Steady Income
If you’ve been with your company for some time, and you expect a regular cheque in a solid amount, you’re probably ready. You want your income to be enough to afford the repayments while still leaving you enough to live, as well as one that helps lenders see that fact too. 
Once you’re ready, we can help. Give us a call today to learn more.

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