Top reasons to buy
13th Dec, 2013
Buying a house is probably the biggest financial decision you’re likely to make in your lifetime. So you’d hope that there would be some pretty compelling arguments in favour of buying (rather than renting) a property.
Well, we’ve collected some of the most popular reasons why people choose to buy. So let’s take a closer look at what they are…
Building a future
Ultimately, when you rent a property, the money you pay doesn’t contribute to your future. Rent is a cost which had no return for you. But when you buy, the money you pay is going towards your future – you’re investing in a property which will be yours until you decide to sell it.
You can make improvements
Unlike in rented properties, you can make improvements to a property you buy. You’re able to decorate and do it up how you like without having to deal with any agents or landlords.
Your property could increase in value
And it’s possible that the home that you bought years earlier is now worth much more than you originally paid for it. Any improvements you make to the property will also contribute to a rise in house value, so you should see a return on these investments.
Living rent free
It might take a while, but once the mortgage is paid off, the house is yours. That means you’re essentially living rent free.
Think of your mortgage repayment as a retirement fund. The money you pay off now means saving money you’d otherwise have to spend on rent each month later in life.