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contributed by Bikash Kalita Are you planning to buy a home in London? It may be a very good move on your part, which depends on many factors and conditions you are into. Buying a home in London has its advantages and disadvantages. You can decide how you want to live. Once you buy a home, you do not have to move around searching for a rented home. With a home in London, you get the choice and control. A London home in a good location can be a very good investment for the future as the real estate market prices keep on increasing every year. Buying a home in London is a good decision for the medium and long term. You may find the disadvantages of buying a home are of great size. In London, home ownership is very expensive. You will need mortgage, which may be very difficult to get. The mortgage rates may go up; your financial position may see turbulence and other such things may happen. In such conditions, you may have to sell the house you have bought. The cost of your home in London will depend on many factors like:
You can have different options and ways to manage and control your mortgage. You can pay your mortgage payments weekly, bi weekly or in other frequencies. Your mortgage rates may be variable or fixed. If you are a first time home buyer in London then you can pay off your mortgage in 25 years. You can make extra payments, which is good for your mortgage. As you pay extra payments, which are called as privilege payments, you free yourself faster from the mortgage you have taken. Whether you should buy or rent a home in is a million dollar question. Buying a home has some advantages and disadvantages, as discussed above. Again renting a home in London again has its own advantages and disadvantages. As you rent a home, you do not have to take the pain of maintaining your home. If the price of the home goes down or the mortgage rates go up, it does not affect you as a tenant. On the other hand if you are a tenant, you do not get the benefits of rising home prices. You also do not get the benefits of the investment of buying a home. So, in some cases like, when you are a single, it's better to go for a rented house, as you may not feel the need of owning a home. But as you advance in your life, the need of home buying increases and sooner or later, you have to buy a home in London. About the Author: Bikash is an MBA who works as an freelance writer. He worked for one of the best private banks in India. He has been writing for the last 5 years. He has worked with many US, UK and Indian clients. Visit him at http://www.freewebs.com/bikashkalita/index.htm |
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