Homeowner myths debunked

There are a lot of homeowner tips circulating the internet every day, but how much truth is there within them, and how much is little more than myth or misunderstanding? Here are three homeowner myths that might not be as clear cut as they first appear…

1. Renting is cheaper than owning a home / Buying is cheaper than renting a home

Renting vs buying is a common debate, but while renting a property comes with far lower upfront costs and no need to go through the mortgage process, homeownership can be more financially advantageous in the long run. Each option comes with its own pros and cons, and everyone’s circumstances and long-term plans are different, meaning one option is not necessarily better than the other.

2. Home improvement projects increase a property’s value

We would always advise that some minor home improvements such as making sure your kitchen is clean and serviceable, or planting some flower beds, can sometimes boost your property’s resale value, but this isn’t completely universal. Improvements are only worth making if they offer a good return on investment. Remember, while they may increase the value of your home, if the cost of making those changes outweighs that, you will actually lose money.

3. New homes don’t require any maintenance

Naturally, an older property may be susceptible to more repair issues due to factors such as age-based wear and tear or structural inaccuracies, and their systems may need to be updated. However, this doesn’t mean a new-build is immune to experiencing the same kinds of problems. Regular maintenance is essential no matter the age of your property, so don’t go into a new build thinking you will be able to go several years without any repair costs, because that might not be the case.