Getting a foot on the property ladder is one of life’s major milestones. But it’s an increasingly challenging one, thanks to rising house prices, the cost of living and stricter mortgage requirements.
However, owning your own home does come with considerable benefits over renting, and here at Peter Ward Homes, we have a range of incentives that can make your dream of owning property become a reality.
Whether you’re currently renting or looking for your first home, you should first consider the benefits of owning your home to help you make a decision. So, let’s look at the benefits of owning your own home compared to renting.
Make it Your Own
One of the major benefits of owning your own home is that it is indeed, your own. With renting, you’re limited to what you can do to make it feel like home. You might have to live with the existing decor and putting your stamp on the place could be restricted to hanging a few of your own pictures and buying soft furnishings.
With your own home however, you’re free to do whatever you want and decorate it to entirely your own taste. New-build properties come with the advantage of being designed specifically for modern living, so you can choose the ideal home for you and move right in without worrying about renovations or improvements. Plus, Peter Ward homes are neutrally decorated, giving you the perfect blank canvas on which to create your dream space.
No Permission Needed
Renting a home and want to install cable TV? You’ll need permission. Want to hang a new shelf? Again, permission. Have a shed in the garden? That’s right, you’ll need permission. For each request, you’ll need to wait for a response and there may even be some back and forth before you can come to a mutually agreeable decision.
In your own home, you’re free to make decisions about the upkeep and improvements of your home yourself. You are the king or queen of your own castle! Plus any investment you put into your home will benefit you instead of someone else.
Whose Mortgage are You Paying?
When thinking about the maths involved in renting vs owning your own home, the sums are stacked in ownership’s favour. When you pay rent, that money simply goes into someone else’s pocket. It has no long-term benefit to you and doesn’t improve your financial security.
Buying a home gives you a tangible asset that you will one day own fully. Whilst you are paying interest on your mortgage, as you pay off your monthly instalments, you also build equity, which strengthens your personal financial position. You can also borrow against this to fund home improvements, for example. Over time, the value of your property is likely to increase, making owning your home a good investment for your future.
Stability & Peace of Mind
Whether you’re on a rolling contract or a fixed-term one, landlords are only required to give you two months’ notice to vacate. This may be the case if they decide to sell the property or move back in themselves. So, no matter how settled you feel in your rental home, the possibility of being asked to leave will always be hanging over your head.
In your own home, you won’t have to worry about your landlord selling the property or not renewing your lease. This is your place to call home for as long as you want. Owning also gives you more control of your finances. When renting, you can expect your rent to increase over time, whereas with a long-term fixed-rate mortgage, at least you have the reassurance that your monthly payments will remain stable over the duration of the fixed term, helping you budget and giving you more financial freedom.
Outdoor Space
Spending time outdoors is incredibly beneficial for our mental and physical wellbeing. However, outdoor space is generally at a premium when you’re renting. More often than not, you’re stuck with a small yard or forced to make do with a tiny balcony.
Owning your own home can mean opening up a new outdoor world as well. An inviting outside area increases the liveable space in your home, be it for socialising, a zen place or somewhere for the kids to run wild. When you own your own home, you’re also free to improve your outdoor space. Whether you want to add a water feature, decking or create a wildlife garden, you can turn your plot into your dream haven.
Pets at Home
Got a four-legged friend or dreaming of owning one some day? Sadly, pets don’t tend to be welcome in rental properties. Although the law says that landlords can’t have a blanket ban on pets in a tenancy agreement, more often than not, you’ll see a “no pets” clause. In any case, you’ll need to seek the landlord’s permission if you wish to keep a pet.
On the other paw, when you own your own property, your furry, feathery or furfuraceous friends can happily make your home their own as well. Cue lots of cuddles, playtime and smiling faces all round.
We hope our rundown has helped illustrate that the benefits of owning your own home far outweigh those of renting.
So why buy a new home from Peter Ward Homes? We’re an award-winning family-run business, committed to building attractive, spacious and energy-efficient homes that are ideal for modern living. With each property finished to a high-quality specification, you’ll instantly feel right at home.
Ready to make it YOURS? Get in touch to book a viewing!