WHAT DOES IT MEAN TO OWN A HOUSE?

Becoming a homeowner is one of life’s big steps. It’s a major financial and logistical commitment, but brings with it extra security and the ability to put your own stamp on a place.

Whether you’re considering taking the leap or have just secured your dream home, here are our insights into the benefits of home ownership, as well as some responsibilities to consider.

You can get a return on your investment

A major advantage of becoming a homeowner is that your home becomes a little more your own with every mortgage payment. Therefore, although you're likely to have a major monthly financial commitment over a period of many years, the money you pay out is still going towards a long-term investment.

What's more, by being savvy with when and where you buy, and with any renovations you carry out, you could even see your home increase in value over the time you own it.

You can enjoy greater security as a house owner

Homeowners can usually remain in their properties for as long as they like, safe in the knowledge that there is nobody above them in the hierarchy of ownership. This means greater security in your housing situation and, for most people, equates to a sense of stability.

You can alter your home to your tastes

We’ve talked about return on investment and security, but the truth is that, on a more superficial level, many of us would simply like a home that reflects our personality and sense of style. There are few things more satisfying than walking through the door and into a space that’s perfectly tailored to our own preferences and needs.

As a house owner, you’re in full control of the look and feel of your home. The only things you need to check before making any alterations are your local planning rules.

Of course, all house maintenance costs and repairs are yours to shoulder too, with no landlord to step in should anything go wrong. That’s why it’s important to have home and contents insurance, and to establish an emergency fund to cover those extra unforeseen expenses.

You can lease your property out

Owning a home doesn’t necessarily mean you need to live in it. Instead, you have the choice to invite tenants of your own to move into the property and collect rent from them.

The rent you can command from leasing out a property can often cover the entire mortgage. You’ll also have the extra security of knowing you have another property of your own to move into or sell on at some point in the future. Just make sure you're ready for the added responsibility of becoming a landlord first.

Although home ownership without a doubt can be a challenge, it’s one that many people find richly rewarding.