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The age-old debate of whether to buy or rent a property continues to be a major decision for individuals and families across the UK. According to the HomeOwners Alliance, 86% of people in Britain want to own their own home. With the dynamic shifts in the real estate market, understanding the benefits of buying is crucial in order to make an informed decision.
In this article, we’ll explore the benefits of buying vs renting in the current UK market to help you decide based on your financial goals and lifestyle.
Homeownership provides a sense of stability, control and wellbeing over your living space. You can make modifications, decorate, and landscape according to your preferences without worrying about a landlord’s restrictions. You will also won’t have to worry about landlords who push up rents, ban pets, and ask you to leave your home on a short notice.
Historically, properties in the UK have appreciated over time. While market conditions can fluctuate and are not favourable at the moment, owning a property has the potential to yield significant returns in the long run.
Homeowners in the UK may benefit from certain tax advantages, such as the Mortgage Interest Relief and potential capital gains tax exemptions when selling a primary residence.
Unlike renting, where you make monthly payments to a landlord, mortgage payments contribute towards ownership. Once the mortgage is paid off, you have the peace of mind of knowing your living expenses are significantly reduced.
As a homeowner, you can take advantage of the appreciating value of their properties, potentially yielding substantial financial gains. You can also make money renting it out If you live elsewhere for a while. Your home can be your life savings and pension plan, as during retirement, you can downsize and live off the capital invested in your house.
Buying instead of renting comes with an array of financial benefits. However, the most important question to ask before you make your decision is whether or not you can afford to buy a new home. Buying a home is a serious financial commitment and paying the monthly mortgage can be a burden.
Before you look at what you can afford, it is worth taking a look at a mortgage calculator and exploring the different government schemes available. For 2023, the government launched new schemes, including Mortgage Guarantee, Shared Ownership and First Homes.
At Muir Homes, we want to help you get closer to your dream home. That’s why we offer an Assisted Move scheme for all our new home developments. If you’re interested in buying a Muir Homes property, contact us today, and we can walk you through all these benefits and more that your new home will come with.