Many people struggle emotionally when it comes to buying their first home.
You need to weigh up the benefits of owning your own home or renting
and see which one is best for you. Your friendly Mortgage Lender Guy
can help you with this decision by giving expert friendly advice.
Property ownership allows you to be in control of your future.
Instead of making someone else wealthy by paying them rent, the money you would
have given away just to live somewhere could be better spent acquiring an asset that you own.
Also, as your equity in your own property increases (i.e. as your mortgage is paid down
and you own more and more of your home), you can begin to think about using that equity
as security for owning another property and renting it out to give you a source of income.
You can do this as many time as you wish.
Andy, a retiree, recently described how when he was just a young man,
the turmoil it created when people suggested that he buy a house instead of renting.
He felt elated at the possibility but daunted by all the unknowns.
He didn’t know how to get a mortgage or even what a mortgage was!
Fortunately he persevered and went on to buy a house and over time, several
other houses. He explained, “That initial jump into property ownership
created the financial stability and independence I am enjoying today.”
Buying a home is one of the biggest emotional and financial decisions you’ll ever
make. Prepare by learning about the process of home buying and the responsibilities
of home ownership. The differences between renting and buying a home are vast, and
there’s a long list of pros and cons for both options. And, remember – there is no one
best decision for everyone. Before moving forward, though, here are some questions
Owning your own home… Is It For You?
Do you have the necessary financial management skills?
How financially stable are you? Are you ready to take on the responsibility for
all the costs involved in home ownership, including mortgage payments, repairs,
There are pros and cons for both renting and buying. Everyone must make his or
her own best decision. Buying a home is not for everyone. Take a moment to think
through the advantages and disadvantages of both owning and renting.
Write yourself a list of the pros and cons. Make two columns, with the advantages
and disadvantages of renting and the advantages and disadvantages of owning your own home.
Read over your list and then think carefully. Are the advantages of
owning your home really bigger than the advantages of renting? Are the disadvantages
of owning your own home really smaller than the disadvantages of renting?
If home ownership is for you, you must be both financially and emotionally ready.
So if you are thinking about owning your own home and what it takes, don’t delay.
Make the move towards owning your own home by getting expert help
and advice from your mortgage lender guy today.