Making the change from tenant to home owner can be a very scary journey, with this change comes a change in your responsibilities, you will now be responsible for pretty much anything related to the house. With the change also comes some benefits, however, as home owner you have much more freedom over what you can do with the house and the kinds of home improvements you can make, furthermore, you can take more pride in something, because you will own it.
Making yourself fully aware of how the change from tenant to home owner will affect you is very important, and it will greatly help you when you are buying your home in Maida Vale.
Once the contracts are signed and the money and keys are exchanged the home is yours, entirely, you are completely responsible for anything that happens within the home. This means that if a window were to shatter, or the boiler were to break, it is up to you to find someone with the ability to fix it and up to you to pay them for doing so, you do not have a landlord to call who will sort all of this out for you anymore. This also applies to anything you want to change around the home, for example if you want a new boiler or carpets, or you want double glazing installed, you will need to pay to have this done, there is no landlord to put this request to.
When you are renting your accommodation it is much simpler to decide to move into a different home, all you need to do is inform your landlord and find somewhere new to live. When you own the property, however, you need to think about selling your home and buying a new one, this is much more work and if you do not have some equity in your mortgage, cannot sell your home for a high value or do not have any savings, you may not be able to find the deposit for a new home. It is essential that you are happy with both the house and the area that the property is in, consider visiting the property at different times of the day and see what the area is like then, maybe meet your potential new neighbours and see whether you like them.
Long term agreement:
When you buy property using a mortgage supplied by a bank or financial institute, you enter a long term commitment with the bank for anything up to 30 even 40 years, depending upon your current age you could be paying off your mortgage until past your retirement age. Furthermore, each month you are adding interest onto the loan amount and so it feels like you’re never going to pay it off. This can be a little overwhelming, and is often what discourages people most from buying property.
If you want to make modifications or additions to the house you will of course need planning permission from the relevant authority, aside from this, however, you can do pretty much whatever you like to the house without having to answer to anybody. This means that you can decorate to your tastes, add flooring you want, and even take out walls to make open spaces.
Sometimes owning your own property can be cheaper than renting one, with fixed rate mortgages available you know how much you are going to be paying month on month, unlike when you rent and the landlord can raise the rent if s/he chooses too. Being a home owner also helps you when applying for credit, it makes it easier for you to be accepted.
Further to all of the above, the property is an investment in your future, and that of your children and grand-children.