We are all told when young that growing up, getting a good job and buying a home are all very important things in life. Growing up is inevitable as is getting a good job; these are things we HAVE to do if we want to survive and feed our families. But what about buying a home? That’s a much bigger step that many people just aren’t prepared to do yet. Often times, they resort to letting their home and feeling as though somehow they are missing out on home ownership.
We are here to tell you that you are missing out on things by letting; stress, headaches, sleepless nights and more bills than one can imagine. Owning a home is a huge financial responsibility and it isn’t something we recommend jumping into any time soon. Let’s take a look at a few reasons why we feel that letting your home is much better idea than owning one in today’s unstable economy.
No Maintenance Costs or Repair Bills
One of the biggest advantage to letting a property is that you have no maintenance costs whatsoever. If the dishwasher stops working, the management company will take care of it. If you owned your home, you will be the one footing the bill for a new dishwasher, roof repair, heating system or anything else that can, and will, eventually go wrong. This could lead to thousands of pounds annually on your part.
Access to Amenities
Another benefit that many people don’t realize is that, by letting your home, you may have amenities that could cost tens of thousands to someone who owns their own home. This includes in-ground pools, fitness centers, tennis courts and anything else that many of today’s letters enjoy.
No Big Down Payment
Letting your home means no big down payment. When you purchase a home, in many cases a sizeable down payment is required. This could come from savings or money that you may have borrowed from relatives or the bank. Either option is very difficult which makes letting win this round as well since letting requires NO big down payment.
Lower Utility Costs
Finally, let’s take a look at utility costs. This is your power, water and heat bills. Homes are much larger than flats and they require more energy to light and heat them. This extra energy costs money making your utility bills as a homeowner often 5 times what you are paying letting. Imagine what your utility bills would look like it every one of them was multiplied by 5!
So the next time you feel like you are missing out by letting over buying your home, remember that you are and remember that those things you are missing out on usually lead to smaller bank accounts or more sleepless nights wondering where you will get the money for repairs.