Benefits of owning your own home

A recent study revealed that the average consumer can save more than £350,000 over the next 30 years by choosing to pay a mortgage rather than renting privately. The research, by the Intermediary Mortgage Lenders Association (IMLA), found that beyond 30 years, the homeowner would continue to reap benefits. They would no longer have to make mortgage payments, whereas a renter would still have to make them into and through retirement. That’s benefit number one right there.

Kate Davies, the executive director of IMLA describes owning a home as a profoundly transformative experience. The study, she said, measures the degree to which home-owning can alter your long-term financial situation. According to her, being a homeowner has advantages that go beyond the value of your property and the potential of making a profit from it. In comparison to private renters, homeowners may also save hundreds of thousands of pounds.

The United Kingdom features one of the most prestigious real estate markets in the world. Investors have access to a variety of houses. To own a home in the UK, it is not necessary to have British citizenship or a permanent residence permit. Owning a property in the UK is undoubtedly one of the safest and smartest investments one can make.

Being A Homeowner: The UK Advantage

 1.You have complete creative freedom to design your own space

Owning a home gives you the freedom to customise it as per your taste. As long as you comply with all applicable laws and regulations, you have the ability to make improvements to your space as you see fit. This means that no one can forbid you from tearing down walls, remodelling rooms, and basically creating a space that is fundamentally ‘you’. It’s time to realise all those childhood dreams you had about owning a home.

2.Being on the ladder will give you a financial edge

Like most things in life, taking the first step towards home ownership is the most difficult one. However, once you take the plunge, it's the beginning of all wonderful things. You start accumulating equity as soon as you move in, and it’s one of the best methods to make sure you can continue moving up the housing ladder in the future. The process is long but worth every single minute. When your property increases in value, maybe as a result of market conditions or renovations done, the profits made are all yours. This increase in value creates equity, which enables you to trade up when you decide to purchase a new home.

3.Easier budgeting and flexible mortgaging

When you’re renting, your landlord can hike monthly payments on short notice and mess up your entire budget. This does not happen when you own a home. You have greater control over the mortgage and the option to remortgage is always available. This makes creating a budget much simpler and should enable you to save a larger portion of your income.

In comparison to the rent you would pay for a similar property to the one you could own, monthly mortgage payments can be considerably less expensive. Once the mortgage has been paid off, you become the outright homeowner. Since there is no mortgage when you own a house entirely, you can lower your monthly expenses, which is very helpful as you become older. On the other hand, the payments never stop for a rented place.

4.Your house, your rules

Living in a rented house means that it can never truly be yours. You have to abide by the landlord’s rules. This might mean that you can’t have pets or make significant changes to the decor or layout.

This changes when you get your own home.

You want a dog? You get it.

You wish to break down the wall and merge two rooms? Go for it.

Want to get the entire house repainted around a theme? Let’s do it.

5. It is truly yours, in every sense of the word

This is the most simple and rewarding benefit. It’s an ethereal feeling of truly referring to a place as “home”.

This enhances the pleasure of coming home after a long day at work or a holiday and makes it particularly unique. Home is where the heart is, but that feeling is further solidified when your name is on the papers of the property.

Closing Thoughts

The UK real estate market has gone through various phases, including stagnation and rapid expansion, just like any other nation with a free and stable economy. Our ranking among the top 5 global investment locations is very well-deserved. In the long run, owning a home in the UK can not only protect your savings from inflation but also result in a sizable profit if you ever sell it.