Although there are numerous advantages of renting a property, investing in your own home has a number of distinct benefits. Most people would agree that buying your own property is an investment rather than paying out money to someone else each month, paying money you will never see again.
It is generally considered cheaper to buy a property in the long term, as eventually you will pay off the mortgage, giving you one less bill to worry about each month. Over the course of your lifetime, rents are likely to increase, whereas your mortgage payments should reduce as you pay more off each month.
Anyone who desires stability for the future may prefer to own their own home, as a landlord could decide to sell the property at any time, leaving you to look for another place to live. Very often, a rental agreement covers a six month or 12 month contract, which means that you may have to move to another property at the end of that term.
Owning your own home provides the freedom and flexibility to live as you please. You can make changes to the house and garden, have pets, select your own furniture and generally do as you like, whereas renting means you may have to abide by some rules.
Being a home owner also gives you added security, making you a desirable candidate if you decide to apply for finance. A lender may be more likely to consider lending you money as you have property as security.
If you are undecided whether to buy or rent a property, consult a CeMAP trained adviser who may be able to help.