Buying vs renting: The advantages of buying your home
Buying your first home is a huge milestone, and is not a decision to be taken lightly. Before taking the plunge, you might be wondering how to weigh up the options of buying vs renting your new home.
The Campion Homes team are very knowledgeable and have many years of experience in the property market. In this blog, we explain the many practical, financial and lifestyle advantages of buying a new home compared to renting one.
Investing in your future
When you pay rent, every month that money is going straight into your landlord’s pocket. You gain nothing in the long term from your significant monthly investments, and when you move out, you have nothing to show for it.
However, when you own a home, your monthly mortgage payments contribute to building equity (the homes market price less the mortgage debt) in your new home. As your home increases in value over the years, this equity can be used to purchase your next home or fund a comfortable retirement!
When buying a home, you are making an investment in your financial future rather than somebody else’s, and with a fixed-rate mortgage your repayments remain stable – unlike with rent, which can often rise without warning.
There are also lots of financial incentives people can take advantage of when purchasing their home – for example the Scottish Government’s First Home Fund, which could contribute up to £25,000 towards the cost of buying a property through a shared equity scheme.
In addition to this, Campion Homes are one of the small developers included in the Scottish Governments Help to Buy (Scotland) scheme where you can get up to a 15% shared equity loan. You can also learn more about financing a new home in this blog, which offers top tips from our financial expert.
Creating a home
One of the most significant and exciting advantages of owning a home is that you can now customise it to your heart’s content! When you rent, you are restricted by your landlord’s rules on decorating, which are often very limiting. No more bare walls and dated bathrooms, your home is now yours to decorate and alter as you wish.
Your home is a haven from the stresses of daily life, and so should be somewhere you feel completely at ease. It’s hard to do this in a rental property, where you can’t paint the walls and fittings or make any permanent alterations.
Customising and decorating is one of the most fun parts of moving into your new home. When you buy a Campion Home, this experience is enhanced by our Choices Suite, where you can choose from a range of gorgeous no-cost options alongside a selection of competitively priced extras and upgrades.
Have fun with it and unleash your creativity so that your home reflects your own style and personality – check out our blog on how to make a new build house your own if you need some inspiration!
Although it is sometimes listed as one of the benefits of renting, not have responsibility over repairs in your home can actually be something of a disadvantage.
When you rent and something goes wrong in the house or flat, you are left at the mercy of your landlord to decide when it is getting fixed. Even if it is something urgent like a broken oven or shower, they can still take their time getting it sorted out as it is not their highest priority.
However, when you own your home, you are in charge and can prioritise any repairs as and when you want, including choosing your own replacement materials or appliances. No more waiting on the landlord’s schedule for a replacement and having to put up with quick fixes or inadequate replacements!
When you move into a Campion Home, you can also rest assured that your new home is covered by the NHBC 10-year scheme for the structural integrity of your new home. In addition to this, Campion Homes provide a 2-year warranty from date of move in, so you will have extra peace of mind!
We hope this blog has highlighted for you the benefits of buying vs renting your home – remember, you can also view our FAQs page if you have any questions about buying your new home!
Campion Homes is there to help you every step of the way when buying your new build home. You can view our full range of developments here and you can get in touch with our team if you have any queries.