Most young couples as they are starting out on their brand-new adventures as husband and wife have dreamt about owning their own home together. The most obvious difficulty in achieving that dream is the large amount of deposit money required by the bank or building society that they have chosen to save their hard-earned money with! The cost of houses in every area of the country has soared to such a high level that many young couples just don’t have the financial means to put a deposit together. The price of a two bedroomed starter home could be as high as £255,000 and with a ten percent deposit required by most lenders that means the young couple would need to raise at least £25,500! Renting a first property could be the only way for some young couples, though the cost of most rental properties has also gone through the roof, (forgive the pun) so that isn’t an easy answer either!
If you are lucky enough to own your own home, then the upkeep of the property and all the maintenance is all down to you. The cost to repair a broken Electric Meter box for example would be yours, if you did need to replace one you would need to contact a company such as https://www.meterbox.co.uk/. When you rent a property the larger, more expensive repair jobs are paid for by the property owner and you are only responsible for the decorating and general wear and tear of the home. The biggest benefit of owning your own home is that when you do decide to sell the profits are all yours, whereas when you rent you never have that perk. Sometimes though, like in the years between 2007 – 2009 house prices crashed and lots of couples were left in, negative equity, which means their home was valued at less than when they had originally purchased it!
This meant that lots of families couldn’t afford to sell their expensive homes and got into financial difficulties, couldn’t pay their mortgages, ending up with some unfortunately having their properties foreclosed on, which is when the bank or building society must take the property back to offset monies owed. In today’s current housing boom a young couple thinking about purchasing their own home would be better off waiting until prices go down again and interest rates fall.