Five reasons why buying a home is great idea
Buying your first home is likely to be the biggest financial decision you’ve made to date. There are many emotions attached to buying a home, from excitement to nerves and everything in between. Perhaps you’re flying the nest and leaving your parents for the first time, or maybe you’re taking the leap from renting to owning; both big life choices. To reassure you and lend a helping hand, we’ve put together five reasons why buying is a great idea.
1. It’s good for your bank balance
One of the best things about buying a home is the ability to reap what you sow. Instead of spending money on rent, and paying off someone else’s mortgage each month, repaying your own mortgage instead, means you are actually putting towards the investment in your home; something that belongs to you, not a landlord. When you eventually come to move on from your home you can recoup some of this money to put towards your next home. There are even studies that prove buying can leave you financially better off. The Intermediary Mortgage Lenders Association found that renters might expect to pay out £451,600 over the next 30 years, taking into account a rent increase of 2% per year, whilst a homeowner on a 25 year repayment mortgage could pay £317,900. Read more of this study here.
2. It’s cheaper than renting
Buying a Gleeson home, in many cases, works out cheaper than renting in the same local area. For example, a 3 bedroom home at our Kings Park development for £119,995, works out at a £387 mortgage repayment per month if you have a 85% mortgage vs the average rental price of £493 per month for an equivalent home in the area. No longer putting a larger sum in your landlords’ pocket means that holidays and days out are much more attainable. A large deposit isn’t necessary, with the government backed Help to Buy scheme, in many cases only a 5% deposit towards your beautiful new home is required.
3. You’ll have more freedom
Owning a home may give you the feeling that your life is propelling forward. The freedom to buy new accessories and style your home, your way, is a great way to take charge of your surroundings, likewise cleaning is too, there’s a reason the UK’s obsessed with Mrs Hinch!
Plus, think of all the things you can do in your own home that you can’t do in a rented property or at your parent’s home. From hosting friends, to having a pet dog, painting the walls whatever colour you like, to sprawling out on the sofa without your parents shooing you off so that they can watch Countryfile. For some, living with parents well into their adult years works, but for many progressing into their first home, whether that be with a partner or alone is a great step to more independence.
4. The increased stability
People tend to stay much longer in homes that they own rather than rent, meaning buying a home is good for those who want to plant down roots and live stably. A home in the area perfect for you will set the foundations for so many things in your life, this could include where you end up working, career opportunities and your commute time, the schools your children attend, the friends you make and the community you become a part of. Plus, with a stable home you’ll know how much your outgoings will be per month, allowing you to budget. Your monthly mortgage repayment and bills can be taken from your bank on the same day each month, with many of your outgoings being a regular payment of the same amount, meaning your disposable income will be easy to track.
5. Your home has a warranty
When you buy with Gleeson, you will have peace of mind that your home is covered by a two year Gleeson warranty plus the NHBC 10 year warranty. Buying a new build home means that you will encounter fewer difficulties than you would do with an older, secondhand home. A warranty isn’t something you get as a renter, and often when there’s issues with a rented property, you end up waiting an age for the problems to be fixed.
We hope our five reasons why buying is a great idea has helped you realise the benefits of home ownership. We have 21 house styles located at over 70 developments across the North and the Midlands for you to choose from, so why not take a look for your dream home today here?