By Allan Fuller
I started my business 40 years ago, being something of a hoarder we have some of the details of properties way back then.
What is amazing is to see is that many would now be worth ten times what we sold them at all those years ago. The point is that owning your own residential property should be considered first and foremost to be a secure home, secondly a long-term investment. But what an investment. Looking at random, we sold a 2-bedroom house near Putney Hill in 1984 for £70,000, last year an identical house in the same small development sold for £770,000!
A point about owning your own home is that once the mortgage is paid off then you own it outright. If you sell your sole principal residence there is no tax to pay (different if it is a second home or an investment property).
For as long as I have been an estate agent people have said to me it is so difficult for young people to buy their own home. I do not deny it is tough and some sacrifices may be needed to save a deposit, (unless the bank of mum and dad steps in). There are first time buyer mortgages available, and sometimes the costs of repayments may not be so different to paying rent every month!
So, if you are tired of paying rent, and thought owning your own home an impossibility, take a look online. There is a massive amount of information available, and it is easy to calculate what you can borrow.