1. It’s cheaper
While buying a home may be more expensive at the outset, the stars can align and if you play your cards right it will end up cheaper in the long run.
Obviously this depends largely on your mortgage provider.
And with a 7-year fixed term rate of 3.5% AIB is a great provider, the beauty of this long term fixed rate is that it provides certainty over a slightly longer term.
2. You can build equity
One of the main reasons owning beats out renting is equity, which is your share of the value of your home.
What is equity and how do you build it?
In short equity is the difference between the market value of your home and the amount that you still owe.
If you pay 20% down on a home that costs €200,000, you would owe €160,000 and your equity would total €40,000.
However, if your home appreciates in value, your equity increases even though the amount you owe does not.
Building equity is a good thing, and something you can’t get from renting.
3. It’s more stable
Buying a home is a big step in settling down and putting down roots in a community.
Researchers find that not only do homeowners gain a sense of stability when they settle into their first home, but they also contribute to neighborhood stability.
This is something you just can’t achieve with renting, as the landlord could ask you to vacate at any given time.
4. You’ll feel better about yourself
In a study conducted by the University of North Carolina, researcher Kim Manturuk found that the sense of control that homeowners gain when they own their own home contributes to their positive mental health.
5. You can create your dream home!
Saving the best and most important until last...
Living in your dream home should be something we all aspire too.
As a renter, you’re living in somebody else’s home.
Want to install a shelf in your bedroom for your book collection? Better ask permission.
Want to paint the living room? Forget it. Want to knock down a wall? Well, you get the picture.
Your living space should be exactly that...YOUR’S.
And that's where AIB wants to help.
AIB’s Find Your Home.
Your journey towards finding your dream home could begin as soon as this Sunday with AIB’s Find Your Home event in Galway.
Galway’s leading estate agents will be there explain just how easy obtaining your dream home can be.
While AIB home advisers will also be on hand, along with home insurance people and financial advisers...
Basically, if you have ANY questions at all about buying a home, you’ll get them answered at AIB’s Find Your Home event.
Not to mention there’ll also be a barista, refreshments and stuff for the young ones too, with face painters and fun prizes and competition‘s on the day.
Fed up with renting and want your own slice of Ireland?
You journey could begin at AIB’s Find Your Home event!
For more information, click HERE.
What: AIB Find Your Home
Where: Venue PorterShed, Galway City (Old Guinness offices in Ceannt Railway Station car park)
When: Sunday January 13th, 2pm – 5pm perennially
