If you haven’t heard, there is an invisible game that we play as grownups that nobody can really keep track of because we don’t know everyone’s secrets. But, to give you an idea, the gist is focused on winning at adulting. You win by ticking things off your list, such as getting married, having a career, and getting one up on your peers. One thing that has been out of reach for many people is buying their own home. Most people have been content with renting. But now is the time to get on that ladder and finally buy your first home. And the reasons have nothing to do with one-upmanship.
Rent is expensive
When it comes to expenses, rent is one of the biggest amounts that you will pay out every month. There may be a hefty car payment, or other expenses add up, but nothing comes close to the amount that you will pay in rent. Rent is expensive because landlords have a lot of things to pay out in order to legally rent the property. And, they need to make a profit. This is why they need to choose the best accountants for landlords so they can keep track of the expenses of being a landlord. There is a good chance that the mortgage for the property is higher than a regular mortgage. Plus there are the added insurances that need to be paid.
It’s not stable
If there is one thing that we can promise you, it is that renting is never stable. You could be in a property for 6 weeks or 10 years, and you could be given your notice to leave. As a tenet, you have no legal claim to the property, so if the landlord decides to sell, there is nothing that you can do about it. This can happen many times over the years, so it is possible that you will be moved several times despite loving the house that you are in. Unfortunately, landlords don’t appreciate it if you have been a long term tenant. Once they are done with you, they can give you your notice.
Landlords are selling up
This point fits in nicely with our previous point, and normally we would pop it in there. However, there has been a massive rise in the number of landlords that have decided to sell their rental properties in recent months. This is putting a lot of tenants in difficult positions as they might not be ready to buy a home. And, because landlords are selling up, it is putting more pressure on the rental market. This in turn makes it harder to find a new house. The housing crisis for tenants is set to get worse as people struggle to get onto the property and renters battle for a smaller selection of properties to choose from.
As a renter, one of the most frustrating things can be not being able to personalise the place that you live in. You can’t put a nail in the wall for a picture, you can’t paint a wall a certain color. There is only so much that you can go with your home, but it will never be your home. As a homeowner, you are responsible for many things, including upkeep and maintenance. However, you also have total freedom to change whatever you want. If you have been limited to what you can do for years as a tenant, it can be incredibly liberating. If you don’t like the bathroom, you can rip it out. If you want a new cooker, you can buy it and have it installed. As much as it can be a pain to keep on top of the home maintenance, it is worth it for the security and the freedom that you will receive in return.
As you can see, there are a few reasons why you might want to invest in your own home. As well as the security and freedom to do what you want with it (to a certain degree and subject to planning laws). However, if you want to be petty, you could say that you are winning the game of life the moment that you set foot on the property ladder. Not many people are able to do it now, and unlocking this achievement is just like unlocking the bonus points in a game that makes it difficult for people to overtake you. Not that we were keeping score or anything in this imaginary game of adulting.