We all have a list of things we would do or buy if we had the money. From the home maintenance you’ve been putting off, to paying for much needed holiday. But the question is, if you won the lottery jackpot or came into position of a lump sum of money through a windfall, how would you spend it?
In order to answer that question, Lottosend have conducted a survey of 1500 people asking ‘what one thing would you buy if you had the money?’ The survey revealed that there is one investment we would all make, no matter what age we are or gender.
The top response among the participating respondents was the purchase of a new house. Almost a quarter of the respondents (24.9%) said that if they had the money they would buy a new house. As this was the most popular answer, we have listed a breakdown outlining the percentage of each demographic type who answered with ‘new house’ below:
Men: A new house 21.2%
Women: A new house 32%
18-24: A new house 22.7%
25-34: A new house 33.8%
35-44: A new house 31.8%
45-54: A new house 18.1%
55-64: A new house 17.1%
65+: A new house 27.1%
Considering the overwhelming response, is buying a house a good investment?
There are a whole host of reasons why it’s advantageous to buy house. First off, it’s a better return on your money when compared to renting. Rather than having to pay a lump sum each month that enables you to live in a property that is essentially on loan to you, you can invest in a permanent address.
No matter whether you are buying a house outright or using the money you would have previously paid on rent on an ongoing mortgage, buying a home is an investment in an asset. A home has the potential to increase in value, whether that is due to the economy over time or the worth that you do to your home. The top five areas of home improvement that can add value to your home include building a conservatory, maintaining an aesthetically pleasing and fictional garden, focusing on the exterior fixtures, fittings and appearance of your home, building an extension and keeping your roof in good condition.
One of the main factors that contributed to buying a home being the top response of this survey is that fact that it is a long-term investment. Home equity can be the gift that keeps on giving. As well providing a place that you’ll be able to live in, it also has the potential to provide you with funds during your retirement through equity release.
Do you think that buying a house is the best investment you can make if you had the money? Let us know your thoughts on Twitter at @moneyperk.