While the idea of purchasing a property can be scary, there’s so many reasons to get on the property ladder as soon as you can. Here are some of our top tips…
You’re young, not particularly tied down, no kids, no responsibilities, you’re still young so why get tied down to a mortgage? So why would you want to tie yourself down to what amounts to a 25 year financial commitment? Well although it seems like a huge burden there are so many advantages and it’s not as big a tie as you might think, if you have a reliable income and no severe credit or financial problems then chances are you are eligible. This article will outline for you some of the big advantages of becoming a home-owner.
You Can Do What You Want With It
One of the principle advantages of being a home-owner is that you can do what you want with the property both in terms of decorating and even renovating, both things which can be prohibited under rental agreements. There is plenty of advice available online about how the best way to decorate your house as a first time buyer. You can also change room layouts or even build an extension to increase the size and value of your property.
It’s A Great Financial Advantage For The Years Ahead
There are many financial advantages to being a homeowner for example a homeowner will save a colossal £194,000 over a fifty-year period! It will also make borrowing a lot more accessible as you own an asset to borrow against and also will be seen as less of a risk meaning you’ll get better interest rates. As you get older as well you can also use the equity you’ve built up in the property to increase your quality of life as you get towards retirement, companies like Key Advice will easily be able to advise on this option.
You Are Not Stuck There Forever (Unless You Want To Be)
It’s not quite the life sentence it might be to take out a mortgage as you have plenty of options if you don’t want to stay in the property at some point. The big thing to be aware of is to avoid getting trapped in negative equity so that you always have the option of selling up and moving on. If you do not want to sell but want to move away temporarily for work or a year out you can rent out your home but be sure you get consent to let from your mortgage provided and obtain all the necessary insurances.
As you can see there are so many advantages to owning your own home there’s no reason not to look into getting a mortgage and see if it’s feasible for you to do so. It’s so easy to find out how much you might be able to borrow. Just remember that it’s a big legal financial commitment and if you don’t keep up repayments you could lose your home so be careful to only take on a mortgage you can realistically afford. Check out this guide to buying in London for some more information.
