Landlord Squeezing You for yet Another Rent Increase? It’s Time to Buy a Starter Home
Landlord Squeezing You for yet Another Rent Increase? It’s Time to Buy an Essex Starter Home
Have you received your notice regarding the rising rent? If you have, you will be joining millions of renters who are giving up a lot of their income to higher rents.
What makes the deal worse is that each pound you spend on rent is a pound that you are neither saving nor investing.
If you are beginning to feel the pressures of higher rents, we recommend purchasing your first starter home.
Comparing Rent With A Mortgage
Did you ever take a few moments to learn about the difference between your rent and a mortgage payment?
We have an easy exercise for you. Multiply your every month’s rent by twelve, and multiply that specific number by 25.
Let us say your rent is £1000 each month, £12,000 per year and £300,000 over 25 years. Thus, if you do not change anything from today, you would still be able to pay up a £300,000 mortgage.
Homes Are More Affordable Than You Think
Several first-time home buyers believe that they cannot afford to enter the market. However, this is not true at all.
There are several homes available that align with essentially every budget or price range. Moreover, it is more crucial to consider the location, size, and local amenities compared to the costs.
With government schemes enticing first-time buyers with programmes such as the help to buy and shared ownership, there is more choice than you think.
Note that when you purchase a house, you aren’t merely chained to a rental contract. Instead, you are placing money in a home, and properties tend to gain in value with time.
A Few Other Considerations
Needless to say, there are a few considerations that you must make as you initiate your journey towards homeownership.
Firstly, your mortgage will not be your only monthly expense. Moreover, you will also find taxes, utility fees and more in the form of costs.
You are also supposed to handle maintenance and upkeep as the homeowner. On the other hand, you have the liberty of personalising and renovating your home.
In conclusion, you can always get away from the problem of a rental trap.
If you are ready to build your future through making investments in your first home, get in touch with us.
We will be glad to showcase beautiful local starter home alternatives matching your needs and budget.