Friday, 12 October 2018

Purchasing a home, is it really worth it?*

*this is a collaborative post on "Ice Cream" whispers Clara
It is hard to afford your own home. Especially in today's times where the property is very expensive and more so in areas like London and in and around the Lake District, where the scenery is nicest. Here are some thoughts, cons and pros of purchasing a home and getting on the housing ladder... 

It is expensive - house buying can be extremely expensive in the short term, but it can definitely be doable and work out better for your money in the long term. Making sure you have a bit of flexibility monthly can be so important, we decided not to go for a fixed rate mortgage even though that would be a better bet, as it would be cutting it too close every month for us. It still takes a huge chunk every month to pay the dues and try to build up savings again at the same time.

Schemes like Affordable Housing can be a huge help - the only con is there are some restrictions, the scheme is reserved for native residents only, below a certain income bracket and it also dictates how much you can sell for in the future but it can be amazing if you are native in an area where property tends to be expensive. We would never have been able to buy without it, I think some requirements are to have lived/worked in your area for 2 or 3 years.

You get to decorate the way you like - One of the best things about owning your own place is that you get to decorate it exactly the way you want, and no one can tell you no or ask you to change what you have done. It might be the most freeing thing to deck your house and walls, whether in bright colours and retro stylings, a soft palette of whites, greys and pinks, or some vintage pieces, you can customise it how you want! Even better when you put all that time and effort into decorating your place, you know that you are investing in something that you own. 

Enough space for the whole family - Another significant benefit of having your own is that it allows you much more space and will allow you to make space related changes to the property, like taking walls and cupboards down. Our first motive for trying to buy a home was needing a bedroom for Oscar to sleep in, him having his own room. The plans for our house describe it as one bedroom but the lady who lived here before us converted it to two and added a conservatory. We have a teeny tiny bathroom but Oscar has a lovely room of his own, which is amazing. 

Easier to get loans and credit - Believe it or not, even if you struggle with the cost of buying your own house, doing so can actually put you in a much better position financially. This is because even if you get into a situation where you have a poor credit rating, homeowners can get a loan secured against the value of their property. In fact, there is a range of secured loan providers like Evolution Money that can offer this type of borrowing. You can even see exactly how much you will need to pay back, and all the fees involved on their webpage. Something that makes it very clear from the beginning what is required of you if you do go down this route. 

You can keep pets and grow plants - to your hearts content! You don't need to seek approval from anyone, which is amazing and so liberating, except the ones you live with haha

Kids and animals can be noisy and messy - You get a bit more freedom, although within limits as you don't want to disrupt neighbours! One of the most significant benefits of owning a house, especially as compared to living in a flat is that you don't have to worry so much if your little ones are noisy. You won't have any above or below you, so if they do need a loud play session, or cry in the night, having your own home can make it a lot less stressful.

1 comment :

  1. Thank you for writing this post! Me and my fiance are hoping to buy a house next year and we don't have a clue what to do. We feel like just giving up and just renting somewhere for the time being til we know what we're doing. But I guess everyone has been there once, right? We literally just don't have a clue or understand anything xx

    Megan Elizabeth