Back to: Homeownership
Buying your own home is a positive investment in your future:
Every mortgage payment you make is contributing towards something that is your own, unlike paying rent which pays off your landlord’s mortgage. Your own home offers you safety and security, it’s somewhere you can mould to your personality and needs. Somewhere you can raise a family if that’s your dream and make your special memories.
In the long term you can move up the property ladder and buy a bigger house by using the equity within your home (the equity in a house is the home’s market value minus the amount you still owe on the mortgage) or downsize as you grow older and use the equity to fund your retirement.
Homeownership is by far the largest form of housing in the UK almost 2/3’s (around 64%) of all households are owner-occupiers. Many people have a strong desire to own their own home, one survey found 84% of 18-34 year olds aspired to become property owners.
Buying your own home is one possible option for you, there is also social housing, which can have long waiting lists, and no guarantees of a housing offer and private renting. Private renting can be expensive and a mortgage may be cheaper for you, use a mortgage calculator app or one of the many available online. Read our Pros and Cons section and weigh up what is best for you now and in the future.