Everyone wants to eventually own their home. Sure, renting may be fine while you’re younger and don’t have a set life plan or life path. You want the flexibility of being able to up and move regularly rather than being tied into extended contracts. However, as time goes on and you begin to settle down, you’ll soon begin to notice the negatives that come hand in hand with renting. First of all, you’ll grow tired of paying someone else’s mortgage for them. When you rent, you’re literally paying someone else’s mortgage on their behalf. Though you live in the property, they own it and will have the full rights over it at all times. You are also likely to grow weary of being in a relatively vulnerable position - your landlord doesn’t have to renew your contract when it comes to an end. They could decide to move into the property themselves or to lease it out to someone else. This would leave you looking for somewhere new to live, despite having made ties with the place you’ve spent so long in! Finally, you’ll realize that any improvements you make have to be approved and only really benefit the house’s actual owner in the long run. In short, you want a home to be completely your own. This gives you the security of knowing you can truly settle down in the space and do what you want with it. Now, buying your own property involves a variety of different financial processes. Here are a few you’re likely to encounter at some point during your journey!
