LESSON - Buying your home
Introduction to buying your own home.
Owning a home provides long-term housing security and stability. No more dealing with landlords or rent hikes. Your housing costs can remain predictable.
•    Buying allows you to build equity over time as you pay down your mortgage rather than paying rent to someone else. This equity can help finance other goals later or be passed to heirs.
•    Homeownership allows much more freedom to decorate, renovate, and make the space your own without any restrictions from a landlord. Personalise to your heart's content!
•    Buying a home in the right area can be an excellent long-term investment, as property values often appreciate over decades. The home can significantly grow in value.
•    There are tax advantages to homeownership in the UK, such as exemption from capital gains tax when selling a primary residence. Owning saves money here.
•    Studies show homeownership can lead to greater community engagement and civic participation as people invest in their neighbourhoods. Strong communities’ matter.
•    Finally, owning your place can provide great pride and satisfaction and create beautiful memories for you and your family over the years. Happy homes help make satisfied lives.
Buying or renting a home?
Whether to buy a home or rent one depends on your circumstances, financial situation, and long-term goals. Both options have advantages and disadvantages, so the decision should align with your needs and preferences. However, the benefits of owning a home over the longer term outweigh renting. Here are some reasons why you might consider buying a home instead of renting:
Building Equity: 
When you buy a home, you are building equity over time. Each mortgage payment you make contributes to the ownership of the property. Over the long term, this can lead to significant wealth accumulation. Historically, property has the potential to appreciate in value over time. If your property's value increases, you may profit when you sell it in the future.
Long-Term Savings: 
Buying a home can be considered a form of forced savings. As you pay down your mortgage, you are saving for the future, which can be particularly beneficial for retirement planning.
Stability and Control: 
Owning a home provides stability and control over your living space. You can make renovations and modifications to suit your preferences without seeking permission from a landlord.
Personalisation: 
Homeownership allows you to personalise your space more than renting. You can decorate, renovate, and make changes that reflect your style and needs.
Predictable Housing Costs: 
With a fixed-rate mortgage, your monthly housing costs remain relatively stable, making it easier to budget. In contrast, rent can increase periodically at the discretion of the landlord.
No Landlord Restrictions: 
You won't have to deal with restrictions that landlords often impose, such as restrictions on pets, subletting, or making certain modifications to the property.
Higher Initial Costs: 
Buying a home typically requires a substantial down payment, closing costs, and ongoing expenses such as property taxes, insurance, and maintenance.
Limited Flexibility: 
Owning a home can reduce your flexibility to relocate for job opportunities or personal reasons.
Maintenance Responsibilities: 
As a homeowner, you are responsible for the upkeep and maintenance of the property, which can be costly and time-consuming.
Market Risk: 
Property markets can fluctuate, and property values can go down, potentially resulting in a loss if you need to sell during a market downturn.
Less Liquid Asset: 
Property is less liquid than other investments, so selling and accessing your equity can take time.
Buying a leasehold or freehold property
Leasehold homes can be cheaper than freehold properties. So, they can be bought by first-time buyers to get a foot on the housing ladder. 
With a leasehold property, it's vital to read up on the full terms to know exactly what you are getting into. Terms and conditions that come with some leasehold agreements can mean they are costly. The stipulations in a lease can vary considerably from one property to the next. If you are unhappy with anything in the contract, you may have little choice but to walk away from the property.
Look out for clauses, meaning ground rent can climb consistently throughout your lease. 
Service charges, which cover everything from building insurance to management costs, running costs, repair, and maintenance, are also subject to changes.
If the freeholder charges exorbitant amounts for work that gets done, you have no control over this. If a repair to the roof is required, the leaseholders will have to foot the bill. These service charges are generally split across all leaseholders regardless of whether or not you use the services provided.
Another risk when buying a leasehold property is that many restrictions are in place.
•    such as not being allowed to sublet. 
•    not allowed to keep pets, 
•    Also, take care if you plan to work from home – especially if your work involves clients coming to see you – 
•    as many leasehold flats cannot be used for business purposes, you may not be allowed to work from home.
With a leasehold property, you can only make significant changes by obtaining permission from the freeholder first, and you may have to pay for the plans. You may need permission to make cosmetic alterations, such as changing the front door or installing a combi boiler. 
Unlike a freehold, a leasehold is not permanent. You own the property for the length of time stipulated in the lease. There is then a cost involved to extend the lease period. 
As a rule of thumb, don’t purchase anything with less than 100 years left on the lease – and look to extend the lease before you reach this point. The shorter the time left, the more complicated and costly this process is. 
Buying a freehold property.
Traditional freehold properties sometimes require much work to get them to a modern standard. Using a qualified RICS when buying such properties is wise.
New build properties may not be completely freehold. You may have ground rent, service, and other charges, although the government is now trying to change this.
Also, check out who is responsible for maintaining the road outside the property if it's on an estate. Is it the local council, or is it the developer? If it's the developer, then that may lead to some significant costs down the line.