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Moving from rented accommodation to owning your own home

There are certain changes that come with moving from rented accommodation to a home that you own.  It is important to be aware of these changes as you may not be responsible for more things, but have much more freedom as a result.  After you have purchased your home, you become responsible for everything in it, or example if your central heating, a window or your washing machine were to break you cannot simply call your landlord and leave it to them to arrange and pay for someone to fix it, this now falls on you.  Anything that goes wrong in your home, you will need to arrange to get fixed, and you will have to pay for the costs involved in this. If you want modifications making to the house, such as double glazing or central heating for example, either you need to pay for this or you need to have arranged for the seller to have this installed and paid for before you bought the property from them, there is no more landlord to request these kinds of things from. If you move into your own home and come to dislike either the house, the condition the house is in, the area it is in or all of the above, it is not as easy to just move and live somewhere else, the costs in moving home alone, would make moving home again very difficult for most families.  Therefore, you need to be sure you are happy with your new home before you buy it.  Try visiting the house at different times of the day so you can meet neighbours, see how busy the area is at different times, how noisy the area is, and other things that you can think of that you may find annoying and difficult to live with given a little time.A mortgage for the next 20, 30 maybe even 40 years can feel like a chain around your neck, you are tied to a house, and might still be paying it off when you’re in your 70’s.  With continuous added interest to your mortgage, it may feel like the mortgage balance is never going to be paid off, and this can be a little overwhelming.There are a lot of advantages when you own your own property rather than renting one.  Perhaps the biggest of these being that you don’t have anyone to answer to…if you want to decorate that wall in leopard print paper and lay down lime green carpeting, you can, it may not look fantastic, but you can do pretty much anything you  like without having to ask the landlord’s permission first.  The only restrictions placed upon you now are in terms of any structural changes you want to make to the building or the garden etc, you may need to get planning permission before say, adding a conservatory, or building a garage in your back or side garden.  The added freedom isn’t the only advantage though, there are a number more.  Owning your own home, can sometimes be cheaper than renting a house, furthermore, on a fixed rate mortgage you can be sure that the price you pay each month will stay the same, and won’t be subjected to landlords increasing the rental costs. Owning your home, and paying the mortgage every month, on time, can increase your overall credit score, which may make it easier for you to apply for credit in the future.   One final advantage of owning property is that you have something to pass on to your children, grand-children and all the people you love after you have gone.

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