There’s no denying that the current housing market is in a pretty bad state at the minute. Well, in actual fact, it is great for current homeowners as the price of their property will be steadily rising and making them a nice little profit. However, it’s a completely different situation for renters who are wishing to buy. Because of the rising property prices and current stagnation in wages and salaries, lots of people feel like they are being priced out of home ownership. Some people are even considering giving up saving for a deposit altogether.
But that’s not a good idea, even if you do think you will have to save for a long time before you can afford your first home. It is critical that you try to get on the property ladder as owning a home can bring you many benefits. Here are just a few as an example.
It’s An Investment
There is no better investment than property. Compared to other popular investments, such as stocks and shares, property is relatively safe. Sure, there is a chance that the value of your home could fall, but it never falls by that much. More often than not, house prices are steadily rising. So, by the time you are ready to sell your first house and look for a second, you are likely to find that you can make some money.
It Makes It Easier To Apply For Credit
Homeowners find it a lot easier to successfully apply for credit, such as loans and credit cards. This is because they are seen as more financially stable because they own a house. Plus, you can always put the property up as some collateral against the loan, which will make your application look a lot more attractive to lenders.. That means that if you ever fall back on your loan repayments, the loan company could take your house as repayment. But hopefully, you will never end up in that situation! If you take a look at Evolution Money’s loans for homeowners, you will see that there are also a lot more owns that are available only to homeowners. Not only will you be a better candidate for a loan, but you will also have more choice!
You Can Pass It Onto Your Kids
Once you have paid off your mortgage and own your property outright, you will be able to pass it onto your kids as part of their inheritance. They can then choose to move into the home once you pass on, or they might want to sell it. Either way, they will be a lot more financially stable as a result. You can still include your home in your kids’ inheritance even if you haven’t paid off the mortgage in full by the time you die. However, they will have to continue with all the repayments.
As you can see then, there are many reasons why you will benefit from buying a home. So, it really is worth saving for!