5 Good Reasons You Shouldn’t Own a House

People often see owning a house as a step forward into adulthood, and doing something positive for their future, however; many people are shunning owning a house and choosing to rent instead - even after spending time as a homeowner previously!

People often see owning a house as a step forward into adulthood, and doing something positive for their future, however; many people are shunning owning a house and choosing to rent instead – even after spending time as a homeowner previously! But why, isn’t owning a house the best thing for us and our future families? Yes, you can make lots of lovely memories in a house, however; you don’t necessarily need to get your foot on the property ladder to be considered an “adult”, and renting can be a lot less stressful than owning. Here’s 5 good reasons you shouldn’t own a house:

own a house
Image: flickr.com/photos/stefaniesays

It Isn’t Always a Good Deal

Houses can appreciate rather than depreciate, however, this is mainly based on inflation. The same thing would have happened with just about any asset you own, so don’t start to think that the £200,000 you’ve ‘made’ on your house is such a great thing!

You Pay a Lot of Interest

More than 70% of homeowners take out a loan to get a mortgage, and the interest rates are sky high. On average, you’ll probably pay around £150,000 in interest!

Homes Can Encourage People To Borrow More Money Than They Can Pay Back

Buying a home can tempt people to get a bigger mortgage than they can afford in order to get a nicer house. Sometimes people kid themselves that they’ll only be in debt for a short while, but they soon find themselves drowning in mortgage payments and bills.

You Can Get Into Debt

You might end up paying more per month to rent a property than you do to own one, but if you think about it; one is a debt and the other is an expense. These are two very different things! You may also find yourself unable to borrow money for things you actually need because of your mortgage, for example, a new car.

A Mortgage Will Last 20/30 Years

It takes a long time for you to finally be a real home owner. Let’s say you get a mortgage when you turn 30, that mean’s you don’t own your home until you’re about 60. Great, you now own your own home and you don’t have that much longer left to live (no offense)! Now what? Oh well, at least you have something to leave your children…right?

Look, we’re not saying everyone should stop what they’re doing immediately, sell their house and start to rent. Wouldn’t the world be a boring place if everybody did the same thing? In some cases, buying a house can be a good investment. However, some people will prefer renting over buying, and we just want you to know that that’s ok! In fact, there are certain ways you can sell your house fast and begin to rent if this appeals to you. Do your research to make sure you get a reasonable price for your house. Companies such as bestpricespaid.co.uk will give you an online valuation for free! Don’t let anybody make you feel bad about something that enriches your life and makes it easier with less headaches. Buying isn’t for everyone, so don’t ‘buy’ into the idea that it is. Do what’s best for you and your situation to get the most enjoyment out of life!

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