Make 2024 the year to buy your first home
Why not make 2024 the year to buy your first home rather than rent? Whilst it involves careful consideration of various factors such as financial stability and personal preferences. There are many major advantages to buying your home rather than getting stuck in the rental market.
1. Stability and control
Owning your own home provides you with stability and control, unlike renting where your landlord could decide to sell up or increase the rent at the end of your contract. You have the freedom to decorate and make any alterations to your home. Some landlords have strict restrictions on pets meaning you may not be able to add that special addition to your family home.
2. Long term investment
Homeownership is a great opportunity to build equity. Whilst property values may be subject to up and down market fluctuations in short term, historically your home represents an excellent long term investment.
While the upfront costs of buying a home such as deposit, solicitor fees etc may seem daunting, in the long run, homeownership can be more cost-effective than renting. With Many Homebuyers choosing a fixed-rate mortgage, your monthly mortgage payments remain the same for that mortgage deal. In contrast, rent payments may increase over time due to changes in the rental market. Knowing what you are paying each month can make it easier to budget and plan for the future.
4. Money asset
Homeownership allows you to leave a valuable asset to your family. This can be an important aspect when deciding whether you want to rent or own your home and gives you the chance to provide for future generations.
5. Help to buy your home
When deciding to buy your first home its essential you look at the options that are available such as the Help To Buy Wales Scheme available on New Build Homes in Wales. This is great for first time buyers but is also available for those who already own their own home and are thinking of selling or even renters. Help to buy Wales provides you with an equity loan that is interest free for 5 years and gives you the opportunity to purchase with just a 5% of your own deposit and an equity loan of up to 20% to get you on or move up the property ladder.
For more information on current availability and offers contact our sales centres.