The Wirral has seen a steady increase in the number of properties sold over the years instead of people coming here to live on rent. The reason is simple – owning a home, whether it is in Wirral or any other location in the UK for that matter, has lots of benefits.
The following sections will shed light on some of those benefits –
Here are some of them –
Owning a home is much cheaper
Sure, you will be spending a considerable amount of your hard-earned money at a single go when you are buying a home, but when compared to the amount that you have been spending over the years while living on rent, it would be a meagre amount.
According to real estate experts associated with transactions pertaining to Wirral homes, homeowners spend 38% less money when compared to the people who are living on rent here in the Wirral.
Buying a home is a one-time investment whereas; living on rent is a constant struggle with the landlord/lady who keeps on nagging for more rent every time you approach them to renew your tenancy. Sure, you will have overhead costs when you own a home but in the end, the total sum spent when you are the homeowner will be less compared to living on rent.
Buying a home is the first step for anyone who wants to build equity
If you are serious about building equity then you should invest in a home now. Equity is the share of the market value of the home the owner of the same enjoys.
In simple terms, equity is the market value of a home minus the amount you still owe to the lender. For instance, if the value of a home is 200,000 pounds and you paid a handsome twenty per cent to the lender as a down payment then your equity is 40,000 pounds as you owe the lender 160,000 pounds. The equity of your home will also increase in case the market value of your home also increases but the best part, the money you owe to the lender will remain the same which is 160,000 pounds!
Hence, buying a home is one of the best ways you can have a fat equity as a nest egg for your retirement years ahead!
Homeowners have strong social ties
As a tenant, even if you live in a posh location in the UK such as here in the Wirral, you simply cannot have strong social ties that can help you face difficult situations with ease. The life of a tenant is not at all secure and often, people living on rent tend to move from one place to the other. This leaves them no time to get to know their neighbours closely, let alone develop strong ties with them.
Hence, if you finally want to stop living the life of a recluse, it is time to put down your roots by buying a home and leaving the life of a tenant behind!
People now have more money in their hands than the generations before them. Sure the cost of living has also gone up but in the end, if one wants to reduce their overhead costs, and add a sense of security in their life then they should buy a home instead of living on rent, whether it is in the Wirral or any other part in the UK.