Most of us dream about buying our own home, but it can seem like a mountain to climb in order to make it into a reality.
There are some people who would prefer to rent as it gives them a sense of freedom rather than being tied down to a particular property, but there is no doubt that if you can afford to buy a home of your own there are plenty of benefits to doing so.
One of the most obvious ones is that you are paying for something that will one day be yours to own outright. The money paid in rent is often spoken of as being wasted money and, while there are benefits to renting for some people, after twenty years of doing so you won't have a home of your own to show for it and a huge amount of money will have been spent.
You also have a lot more freedom when you buy your own property. While you must still comply with all the building regulations in force, you are free to think about making adjustments or alterations to your home on both a small and a large scale. If you are renting permission has to be granted by the landlord for any change to the property, even if all you wanted to do was to repaint the interior.
It is also the case that you have more control over your finances if you decide to buy, because you can decide which type of mortgage is right for you and your circumstances. By opting for a fixed rate mortgage you can make sure you know exactly what your outgoings will be for the duration of that particular deal.
The best way to get your money's worth in this sense is to do a mortgage comparison to determine how much money you could save by choosing a specific provider over another one. It's certainly worth doing your homework in this respect as even £20 or £30 less each month can add up to a big saving over a long period of time.
Buying a place of your own can pay off handsomely in the long run in a different way as well. However much you buy your property for - and whatever happens to the property market in the intervening years before your mortgage is finally paid off in full - you can be virtually guaranteed of owning a property that is worth more than it was when you first organised the mortgage for it.
All of this means that there are both short and long term gains to be made from buying rather than renting. But perhaps the best part is the fact that you will feel more at home when you are living in your own property, a feeling that is worth far more than the value of any house on the market today.
by Isla Campell www.goarticles.com