A typical first-time buyer saves 9 per cent a year by living in their own home rather than being a tenant.
Pro's of buying:
- Once you've paid off your mortgage, your home will be yours and it could be worth far more than you originally paid for it.
- If your home increases in value you can use that equity to help you afford a bigger home.
- You can spend money improving your home and increasing its value.
Cons of owning your own home:
- It’s a big financial commitment – you need to be sure you can afford what you’re taking on.
- When interest rates rise, your repayments will also go up. (See our previous blog post titled "Different types of Mortgages").
- You will also be in charge of maintenance costs (e.g. broken boiler).
No comments:
Post a Comment