Why you should leave the comfort zone of renting
Of all the commitments you can make in life, a mortgage is one of the biggest and also one of the scariest. All of a sudden you can be liable for a lot of money, but the benefits can far outweigh the risks involved.
The advantages of renting can be tempting: being able to rely on a landlord when things go wrong can feel like a safety net, but it’s not always that easy. With owning your own home you’re the master of your own ship and you aren’t dictated to on what you can and can’t do with the place you live in. No longer do you have to follow the rules set out in your tenancy, instead, you can have the peace of mind of doing things on your own terms.
While you are entering into a large agreement with your mortgage provider, looking around for the best rates can often mean you end up paying for less for your monthly payment than you would in a rental property. The true financial freedom can often come from having that lower repayment and not being so constricted by your finances before payday.
Also with a mortgage comes that piece of mind as to where your money is going. With a rental payment, it feels as though your money is being wasted, given away. With a repayment mortgage, you know a huge part of that payment is going off the balance and leaving you with more equity each month. Even with interest-only mortgages, you know that you’re paying a low monthly repayment and that house prices only go one way over time.
Time is another huge factor in the reasons to obtain a mortgage, rather than renting. With each passing month that balance comes down and you get more and more financially secure. The equity builds and increases, leaving you with peace of mind. It can be hard to save and it can be hard to build assets. With paying off a mortgage you have that asset there for the future, to do with as you wish.
As time rolls on you can use that equity to fund a larger property for you and your family. Equity can often be used as a means to constantly get yourself into a bigger and bigger home. Having the dream house for a first-time buyer can often be an unrealistic goal. Using equity wisely has often been seen as a way to make that dream come true. Then, when the time comes, you can use the equity you’ve built in your home to help in retirement or to be passed on to loved ones. These are all long-term goals, but they all start with getting that mortgage.
All large financial decisions carry risks, but none quite have the rewards that owning your own home can bring. Buying a home outright isn’t possible for the vast majority of people, expect maybe after a lucky lottery win. That leaves us with having to get a mortgage to live the dream life. The advantages are overwhelming, and if you find the right deal, the process can be easy.
There are many options out there to help people get on the property ladder, help is always at hand to make the process as easy as possible and give you that lower repayment, peace of mind and steps towards having an asset to be proud of. Renting is easy, but it offers no help for you in the future. Getting a mortgage isn’t as daunting as many people think and gives you a future of financial security, and a place to call your own.