Buying a property is something that many people want to do at some point, but often find that it’s a reality slightly out of their reach. Is that really the case for you, though?
You might be in more of a position for buying a home than you thought, especially if you’re paying high rent prices, and this guide will show you how.
Buying vs Renting: The Key Differences
The main difference between buying and renting a home is that, when you buy a home, you’re making a long-term investment. You buy the equity and can enjoy the stability of knowing you fully own the space, and a landlord cannot terminate your lease. Renting, on the other hand, is when you pay a fixed weekly, monthly, quarterly, or yearly fee to a landlord to stay in a property they own. Still, you do have rights as a tenant, and renting grants greater flexibility.
The 4 Signs You Should Buy Your Own Place
There are clearly pros and cons to both buying and renting a place, although there’s no denying that most people view owning a property as the better option due to the stability and equity-building potential. So, is now the right time for you? Here are four signs it is!
1. You Have the Money for a Deposit
Of course, in order to buy a home, you actually need the money to do so. If you have the deposit saved, that’s a clear sign it’s time to make the leap.
Still, don’t rush into the process. It’s always best to speak directly to an independent mortgage advisor for guidance. If you’re looking for properties in Brighton, for example, Everest Mortgages can help you find the very best deal for you, ensuring you get the most for your money. They have access to various lenders, can liaise with them, and can handle all the administrative tasks. Speaking to professionals like this is undeniably the best financial decision you can make when buying a property.
2. You Live in a High Rent Area
Are you paying too much money on rent? Rising rent is a major issue for many people in the UK. While it can be hard to get out of renting and purchase a property, it could mean you save money and make a sensible long-term investment. The chances are you’ll be able to find a mortgage deal that means you pay less money on your mortgage monthly compared to your current rent prices.
3. You Have a Stable Income and a Good Credit Score
It’s not all about just having the money saved for a deposit; you also must consider your future financial health! Having a stable income is a must both for securing a mortgage and being able to pay it. Plus, you’ll need a good credit rating to be able to secure a good mortgage deal to begin with. There are various sites you can use to check your credit score, such as Experian.
4. You’re Growing a Family
Buying a home makes a lot of sense when you are growing a family! Whether you’re ready to bring a new pet home, are planning on more kids, or your little ones are outgrowing their current space, buying a property gives you the stability you’ve been looking for. It’s an investment your family can make to create true memories.
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