ARE YOU A TENANT ASPIRING TO PURCHASE YOUR OWN HOME IN NOTTINGHAM? OR LIVING WITH FAMILY AND NEEDING YOUR OWN SPACE?
When you first consider moving out, we can understand that renting a property is a fantastic way to get into your own home, however we are also aware that it is a step before looking to join the property ladder yourself. An important thing to remember is that your own scenario is not one that you can compare to another person. Each individual has their own circumstances which lead them to either renting or purchasing. In most cases, this does relate heavily to finances of being able to afford a property within Nottingham. Knowing this, it is crucial to ensure that you are gaining the right advice from the start to ensure you know which route would work best for you.
A lot of the time, we find ourselves desiring to purchase our own homes first, however this is not always realistic. It is the start of a new chapter for you and it is important that you are aware of the responsibilities that come with both renting and purchasing a home.
Advantages of owning your home
- Investing your funds into bricks and mortar is a very strong decision and place for it. Plus, it would mean that when you are paying the mortgage, you are investing into your own home rather than funding someone else’s by renting.
- Each mortgage payment is a stepping stone closer to you becoming the full legal owner of your own home. Alongside this, your mortgage payment could potentially be less than you would pay monthly for a rented property. With a mortgage you will need to assess what you can afford. The best way to do this, would be to book an appointment with one of our Financial Advisors who can offer FREE, no obligation advice.
- The benefits of owning a home extend into the future as you are able to release equity to help fund your plans. For example, you could add this into your pension, renovate your home or even invest in buy to let properties.
- When you potentially look to move from your home, you should be able to come out with a profit, dependant on the market conditions at the time. This creates extra money for your new home!
- You can make your own design decisions- whether this be wallpapering the spare room, extending the kitchen diner or more! You can make the home a true reflection of yourself- If it is a listed property there may be some limitations.
- You decide on your family aspirations- Looking to get a dog? You only need your approval! Thinking of having a baby? Your family growth is not dependant on someone else’s choice.
Throughout 2021, we have seen an increase in the whole of market however, an area which has grown is the amount of First Time Buyers joining the property ladder. Although you may feel property prices have increased, rental prices have also done the same. There are many pro’s and con’s to each option which is why we would encourage you to do your research, speak to our financial advisors and start planning your future now.
We have over 30 years of experience within the industry as a business and would love to help you make your first step towards a home, be it rented or purchased. Please do not hesitate to contact our office at 0115 648 5485, or email arnold@robertellis.co.uk
Why wait for 2022? Your future starts now..
