31 July 2024
With a new Prime Minister in place at Number 10 and planning reforms coming into play which could make building projects easier, it’s an exciting time to buy a new home, according to an expert.
Mandy Soames, Senior Sales and Marketing Manager at Balfour Beatty Homes, said: “Over the last year or two we’ve seen rising interest rates and political uncertainty impact the housing market, but we’re more convinced than ever that buying a new home has so many advantages over renting. In fact, 86% of Brits have said they want to own their home, and we’re not surprised! Here are our top five reasons why we’d recommend buying rather than renting.”
1. Freedom and security
“We have many renters visit our various Sales Hubs and tell us that their biggest fear is their landlords telling them they must leave their home or that their rent is due a dramatic increase – often with very short notice. When buying a home, that fear can be relieved. Your home is your own, and buyers benefit from the freedom and security that comes with that knowledge. A buyer can decorate their new home however they like, and they also gain the benefits of home improvements – no landlords reaping the rewards of diligent tenants here!”
2. Control your costs
“Many analysts believe that interest rates are due to fall again – probably with a cut to 5% in August and another cut to 4.75% in November or December. That means that homebuyers can benefit from lower fixed-rate mortgages, creating some certainty for homeowners around their monthly bills. While renters are often left to the whim of their landlords in that regard, it’s a great way for people to know exactly what their outgoings are every month.”
3. Live life how you want to
“Not only does owning a new property often mean that people can finally choose their own wallpaper and paint, furnishings and style, it also means that buyers can live on their own terms. We see many of our new homebuyers finally able to purchase that dog or cat that they wanted, have a baby (or two!), work from home, and so much more. Buying a home can open up a world of opportunities for people.”
4. Make money in the long run
“Of course, in a rising property market such as the one we’re experiencing right now, buyers can also benefit from an increase in their home’s value. For many people, most of the money they have made in their lives is from selling a property, and once they’re on the property ladder, people find it relatively easy to move up it as their family grows. Your home can act as your life savings and your pension plan, all in one.”
5. Invest rather than spend
“We’ve found that many of our buyers share the common sentiment of investing in their own property rather than lining a landlord’s pocket – and at Balfour Beatty Homes we fully support that. Monthly payments go towards paying off an investment for the future, rather than contributing to something that isn’t theirs. We would always recommend researching online, seeing the steps you can take to buying, and then getting down to the serious business of saving for a home of your very own!”
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