You pay a mortgage and your payments go towards paying for your home, not into a landlord's pocket
If you pay £750 per month for rent, that’s a whopping 9K a year! You might as well just keep the money and not put it tIf you pay say £750 per month in rent, that’s £9,000 per year which you are spending that you will never get back. The money you’ve spent on rent will likely completely cover your landlord’s mortgage repayment figure, any insurances or management fees and leave them with a profit. This is especially true if they have an interest-only mortgage or have no outstanding loans on the home. If you are renting, and have enough money for a deposit and can afford the monthly repayments, it might be time to take the plunge and buy a home so the money goes towards your home, and not theirs!
You could make a profit when you sell if house prices rise
Homeownership is one of the most important financial decisions you'll make. When it comes time to sell your house, remember that its value may be higher than what was paid for in years past - this could mean more money at retirement or when trying purchase another property! Beware that fees apply when moving home, including stamp duty and legal and estate agent fees, so this will reduce your overall profit.
The home will be yours when you've finished paying off your mortgage
Your biggest win after years of saving and paying off your mortgage is fully owning a home without any outstanding payments. The advantage to this? An influx in extra cash that you can use for anything - like buying more things!
You may decide this is important to you for when you retire, so you have fewer outgoings and financial responsibilities. An average mortgage term is somewhere between 25 and 30 years, so if you will likely retire in 25 to 30 years time, you may want to get a mortgage as soon as possible.
You don't need anyone's permission tot have pets or redecorate
This might sound obvious, but your home is yours to do with as you please. You can decorate your home any way you wish. Want a giant tropical fish tank? Go for it. Thinking of painting your downstairs loo walls bright orange? Well, it’s your home. Been waiting forever to have a hot tub in your garden? Sounds fab. If you’ve been waiting until you own a home to get a dog or cat, you’ll be able to when you buy your own home. Be sure to check that the home is suitable and safe before you adopt though!
You won't be asked to move by your landlord
Yes, another obvious one, but if you own a home, it’s yours! You can live there for as long as you want as long as you continue to repay your mortgage, every month, on time. Every payment you make is a signal of responsible credit management, and can help improve your credit score.
You may be required to move if your home becomes subject to a compulsory purchase order. This would only occur in cases where the government or other body requires land for construction of critical infrastructure, such as new roads and train lines like HS2 - which is currently under consideration by British authorities!
April signals the beginning of spring and is the perfect time of year for both landlords and tenants to check the general condition of their property. Here's how to ensure everything is in tip-top shape and ready for summer.
Spring cleaning tips for landlords
If the property or any outbuilding is timber clad, have a look at the exterior woodwork and take the opportunity to get any damaged areas repaired, then treated or repainted.
As the weather gets warmer, there is a greater risk of infestations. To prevent pests coming into a property, it is advisable to check the roof for any slipped tiles, rips or tears. Also make sure there isn’t any crumbling brickwork or holes in the exterior walls, in particular check airbricks and ventilation covers along with historic gaps/holes from old plumbing systems.
The boiler and heating system may have been working overtime during the colder months, so to help mitigate future issues consider undertaking a timely service of the system.
If the property has the benefit of air-conditioning, get the units checked now so they are fully operational when the temperatures rise.
Gutters and downpipes should be cleared of leaves and debris, and check that drains and soak-aways are clear and free-running. If not, check your agreement with your tenant as it is likely that they will share some responsibility for having them cleared.
If you have opted for a management service, your agent is likely to undertake these checks on your behalf. Check with your agent.
Spring cleaning tips for tenants
Unless gardening services are included in your rent, now's the time to start thinking about maintenance. Particularly, clear the lawns and borders of obvious weeds before they take hold. If you have patio or garden furniture, it is likely to need cleaning and, if made of wood, re-oiled to make it look smart in time for outdoor entertaining.
If you have an outdoor pool, now is the time to open it up, top it, clear any debris and make sure the chemicals are level, so it is in full working order by the summer.
As a tenant, you should always keep an eye on the property and report maintenance issues to your landlord or agent in a timely manner. If in the course of your spring clean you happen to notice anything untoward, make sure you report it in writing so that action can be taken.
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