Buying a first home brings responsibility but it’s worth it

Home ownership trumps tenancy, says Anna Dove

uying a first home is a learning curve. So too is actually owning it. Home ownership has become something of a holy grail for twentysomethings – and perhaps rightly so.

It’s tough, not to mention expensive, taking that first step on to the property ladder so when you finally make it, it is hugely satisfying. I won’t pretend I wasn’t feeling smug when I ticked the “homeowner” box on a form for the first time after seven years of opting for “private tenant”.

That said, it’s not all plain sailing and there are things I miss about renting; number one being the ability to call up the property manager to fix a problem with the boiler, the heating element that’s given up the ghost, or any other little niggle that is part and parcel of living anywhere with four walls and a roof.

This month my husband and I celebrated our first anniversary as homeowners and niggles aside we are thoroughly enjoying the perks of having our own space.

We were among the 23,000 first-time buyers in Scotland who stepped on to the property ladder in 2016 and it’s great fun having the freedom to make your mark on each room without the fear of a fine from the landlord for putting up a picture hook.

Another advantage of being permanent residents rather than fleeting tenants is that you quickly become part of a community of neighbours and, by a stroke of luck, ours are lovely.

They’re more than happy to sign for our parcels when we’re out at work, invite us in for a glass of wine at Christmas and although the figurative twitching of net curtains when we first arrived was a little disconcerting, it’s actually rather reassuring knowing the friendly “nextdoors” are keeping an eye on your house.

So far so good, but there have been some aspects which were a bit of a wake-up call.

Despite having acquired degrees, cars and careers it was the house buying which really screamed “responsibility”.

Firstly, having bought a flat rather than a house, there’s the matter of communal responsibility whether it’s a decision by the residents’ committee to redecorate the stairwells or fix a cracked paving slab.

Then there’s insurance to think about. When you’re renting the only major consideration is contents insurance but buy a house and there’s buildings insurance to budget for plus your lender will likely insist on a life insurance policy as a safety net.

Back to those niggles and in the last 12 months we’ve already had to ask ourselves what sort of handyman we’d need to fork out for to mend an unexplained groaning noise coming from inside the wall – turned out it was a plumber and the problem was an ageing toilet projecting its complaints throughout the apartment block.

The strip light in the kitchen died a death a couple of months ago but neither of us has mustered the energy or found the time to trek out to B&Q for a replacement.

These things, however, are put into perspective by figures published this year by Bank of Scotland which show first-time buyers in Scotland are on average £860 a year better off than those who rent. That’s another reason to join the homeowner club.

There are arguments for both sides: tenants have more flexibility compared with the commitment of a mortgage; but having experienced both, I’m a convert to the home ownership camp.