Why Saving Up To Buy Your Own Property is Better Than Renting in the Long Run

Posted May 14, 2021 by in Lifestyle

Over time renting can become tedious when you suddenly need to pack up your things and find somewhere new to live either because you need to, or it will provide less of a commute to work so saves you some cash in that respect. You might be dreaming of how you can be one of those people, moving to escape taxes from an expensive city centre to a nice quiet, remote rural location.

 It may seem a distant dream, but with a strong financial plan in place and the ability to save as much cash as possible each month it will eventually happen. 

It is a Good Investment

From when you purchase a home to the time you want to sell it (if you plan to of course) its value tends to increase over the years, leaving you with potentially more money than what you spent on it initially. By the end of 2020, the average price of a home had increased 13.4% compared to the same time the previous year, which was certainly beneficial if you were selling. Not so much if you were buying. 

You will also be getting a property in return for buying which is not something that can be achieved through renting. 

It Belongs To You

Certainly a positive to owning your own property is that it actually is all yours. So you can decorate it how you wish, carry out renovations, knock down walls, build an extension, buy all the furnishings you want. Anything you want to do basically, which is far more satisfying than asking permission from your landlord whether you can paint the wall a different shade whilst renting. 

You Won’t Be Forced To Move Out

Unlike with renting when you can get an unexpected shock from your landlord when they decide to suddenly increase the rent or you are forced to move out when the lease expires. This can be quite common in city areas where landlords increase their prices along with the inflation rate. This will not happen when you own your own property. So that is certainly one less worry to think about. 

Ideal For a More Stable Lifestyle

Once you are in a better place financially you can then get in contact with a realtor and start looking for your dream home. It might take some time to find the perfect home which does not need a lot of renovating, but it will be worth it in the end when you do finally find it. 

If you are with a partner it can be a great way to start the next chapter in your journey together by finding somewhere which provides you with more stability and the opportunity to start a family. This will be a lot less stressful than worrying about finding somewhere new to live and packing up your belongings again.  

*Photos by Kindel Media