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What are the Benefits of Owning a Property in Chelmsford?

Owning a property
Homing in on the future as a property owner

Are you renting in Chelmsford at the moment? Perhaps you are a tenant in a lovely property but you have aspirations of buying your own place?

Renting is great, and can be the right solution for some people for any number of reasons, but it’s also true to say that for many people it is simply a stepping stone towards home ownership.

There are many factors as to why people rent or buy in Chelmsford, and no two situations are really the same. Everyone has their own unique circumstances and you should know this before you start comparing yourselves with other people who either rent or buy.

But at the end of the day, it’s often all about money, and the financials of being able to afford a property in Chelmsford. Because of this, and we know it sounds obvious, it is so important to make sure you get it right from the start.

To be fair, as we know, there are pros and cons for both renting in Chelmsford or owning a property.

Writing a list of pros and cons will really focus your mind and help you to come to a decision. And don’t forget, it is absolutely OK to say that you’ve always wanted to own a house rather than rent.

It can be an exciting time but you must know the responsibilities and the financial implications and don’t just let your heart rule your head.

The Benefits of Owning a Property

1. As a homeowner, you have more control over what you do with the property – decorating or adding a conservatory for example. There may be restrictions depending on where you live, or if the house is listed, but you can do a lot to a property to make it a home.

If you rent, you may be restricted on whether you can have pets or even children in the house. So buying a house can help you grow your family – whether it’s with a baby or a furbaby!

2. You are investing your time and your money into a building that you own, rather than paying someone else, although chances are you will have a mortgage to pay.

3. When you come to sell your house in years to come, you should be able to make some profit, all being well, and that money will come to you. Of course, market conditions will affect this so it’s worth bearing that in mind.

So, a massive benefit is the financial security owning a property in Chelmsford can bring. They say that bricks and mortar are a sound investment and it is largely true so it’s definitely worth a look.

4. When you’re paying a mortgage, you’re always stepping towards owning your house outright, and that’s a key driver for many people, perhaps like you, who want to get on the property ladder right now. Interest rates and mortgage packages can be very competitive so it might even be that you won’t pay as much as you would in rent.

You’ll need to work out how much you can afford, how much a mortgage is, and how much you’ll need for additional costs when buying a property.

5. It can be such a wonderful opportunity and a real sense of satisfaction when you are living in a property where you are the homeowner. 

6. The benefits will continue into your later years too as there are schemes that allow you to release equity from your home to help fund your retirement.

Therefore, not only can owning a house benefit you today, it will help you when you are older too.

There does seem to be a British tradition about owning your own home and after all, “An Englishman’s House is his castle”, but buying property is a personal decision.

According to Government statistics, “the proportion of 25-34 year olds in owner occupation has increased and there are now almost equal proportions of 25-34 year olds living in the private rented and owner occupied sectors”.

This, we think, means that owning your own home is once again becoming more and more popular with younger people, reversing, or at least slowing the trend towards renting.

There are so many benefits to owning your own place, but we know it can also be a daunting journey to begin.

Do your research, your homework, and talk to experts. 

In fact, come and talk to us here at Essex Homes And Lettings as we have years of experience in helping people like you to become homeowners.

If you need some advice, don’t hesitate to call us on 01245398466 or email us at sales@essexhomesandlettings.co.uk and we will be delighted to help you in your search for a property in Chelmsford.

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Which is better, renting or owning a home?

To buy, or to rent, that is the question

Whether you’re going to rent, or if you’re planning to buy, your next move in Chelmsford is a personal choice. There are pros and cons for both, and some thinking will need to be done before making a decision.

But first, let’s look at a couple of statistics.

According to the government, just over 60 per cent of households in England owned their own homes (in the two years from 2016 to 2018). It has also been estimated that more than a quarter of people will rent their home by the end of 2021.

While many people want to own their own home in Chelmsford, for others renting is the best option for them.

It’s not just younger people who are renting either. A large proportion of renters are those who cannot yet find enough money for a deposit to get on the first rung of the property ladder, but there is also a growing number of older people who are renting as they downsize or move to be near family.

But what are the pros and cons of renting or buying?

What should you consider?

Here, we look at some of the things you should be thinking about.

Renting to keep costs down?

It could be said that renting doesn’t cost as much as buying because you don’t have to find a deposit for a house. This is indeed true – but not always! Monthly rents are sometimes cheaper than monthly mortgage payments but this is not always the case. You will need a deposit (which is protected by government-backed schemes), and you will usually need to pay a month’s rent upfront. This however, is still a lot lower than having to find upwards of a 15 per cent deposit to buy a house.

Renting may initially be cheaper, but you will not be on the property ladder and you won’t be investing in bricks and mortar and the potential profits that can accumulate as a property’s value rises.

What about maintenance costs?

This is often a tricky question to answer. Why? Because as someone who rents, your landlord will be expected to keep the property well maintained, and legally they have to make sure that the house is safe to live in, with regular electrical and gas safety checks.

But, as the person who rents, you will need to look after the property and there is an acceptance by many that it is up to you to keep the property in good condition. If you break items, the likelihood is that it is in your contract to replace like for like.

Of course, if you own the home, then all of the maintenance will come down to you and you will incur the costs – but on the plus side it is your home and you are investing in it.

Top Tip: Think about your finances and whether or not you can afford to keep your own property in tip-top condition.

It’s flexible

Renting is a way for you to live somewhere where you may not be able to afford to buy, or where work means you have to live. Renting can be a good option in this case because if you have to move often due to your work, you’re not going to want to go through the selling and buying of a property multiple times.

This is a real benefit to renting, but please be aware that if you are tied into a contract for a specific length of time, then you may not be able to get out of it easily.

Top Tip: If you can, specify the length of your rental contract. If you think you may only be somewhere for six months, make sure you are not tied in to a contract with a no break clause.

When it comes to renting or buying, it’s best to take the time to make a list of all the pros and cons. Circumstances may mean that you have to rent, but if you look at the figures, you might think it better to get on the property ladder.

You will need to do all the financial calculations based on your circumstances to get the answer to these particular equations, but we at Essex Homes And Lettings can offer you our professional advice to help you make an informed decision.

Give us a call on 01245398466 for more advice. We might even have a house for sale that is perfect for you!