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Is Buying a Home Right For You?

Many people spend their lives wanting to own their own home, but with a consistently problematic economy, lower wages and higher outgoing (particularly the cost of energy) more people than ever are struggling to get on the property ladder. Whatsmore, many young people are now reconsidering the whole idea of whether to buy at all or whether to continue renting, asking themselves whether buying really is the right option for them.

Buying any kind of property is a huge commitment and obviously shouldn’t be taken lightly. There are also many responsibilities with owning your own home that many don’t consider beforehand. The cost of energy and utility bills, insurances and property maintenance are just a few examples of what’s in store.

Depending on your intentions, whether you are looking to develop property or simply purchase an ideal family home, there are different ways of buying. The traditional route has always been to go through an estate agent but more and more people are looking to private sellers or people advertising a quick house sale in order to cut costs and save on large fees often charged by property agents.

Unfortunately there are millions of people who are simply unable to buy a home despite good intentions, as it is clearly unaffordable in which case you have no choice but to continue renting. However if you are in a position to buy, there are many reasons as to why you may choose not to. Of course there are advantages to owning your own home, such as the security and freedom to decorate or make alterations as you wish. There is no middleman or landlord to deal with and no risk of being forced to move out. In fact research suggests that people who own their own property are much more content and happier in their lives. You can also save money by purchasing your own home, especially if you can get a mortgage with a low interest rate. And of course, you can potentially make money through owning your own home as opposed to renting.

Buying a property even if it is a well-priced quick sale, also has many disadvantages. Firstly, it is a large financial commitment and probably the biggest purchase you will ever make. You will also need to work hard to save for a large deposit in order to get a mortgage at a low interest rate. You will also need to consider the many hidden costs of owning a property such as monthly insurance, energy bills, council tax and of course the maintenance of your home. Many of these extra costs can amount to much more than your monthly mortgage payment alone so you will need to factor these in as well as your repayment. In many cases new homeowners end up in financial difficulty as a result of underestimating the cost of owning their home, often when it’s too late. If anything goes wrong such as losing your job you could end up at risk of repossession.

by Cormac Henderson

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