Buy - rent

rafhelp

in terms of getting good value for money, is it better to rent a home or buy one on mortgage?

Sure you pay interest with mortgage but you get more for the money and its yours.

Renting decent house is gonna cost £400 to £1000 pcm.

sirmosh

In my opinion buy, yes you pay interest but most of the time (as long as you live there a good 5-10 years) you'll sell it for a fair bit more than you bought it. You can also reduce you amount of interest you're paying but overpaying as much as possible or getting a shorter term mortgage.

For me my biggest gripe with renting is the lack of security, even if you're happy to live in the same house for the next 10 years the landlord might boot you out.

cattie

Agree that the problem with renting these days is the lack of security. It wouldn't suit me only having a 6 or 12 month contract each time.

The big plus of buying your own home (providing you are financially stable enough to even consider it) is the security it gives you & the fact that it gives you the freedom to move and to choose the area you want to live in & the type of people you want to live amongst.

Jelly*baby

Well i have rented sooooo many times and bought now back to renting and been well and truly screwed over so ide buy again tommorow like a shot!

Notmyrealname

It depends.

In my current house in the first year we had to fix a toilet and replace some sliding double doors that were warped. £1000 down the drain. Then the electric shower failed - another £200. Two double glazed units now have condensation in them so they'll need doing. And all in the first couple of years.

At our old house we lived there 14 years and needed to do very little.

There are no hard fast rules. In our old house it was cheaper than renting. In our current one so far its been more expensive than renting.

A couple of important things to note though:
If you lose your job and you have a mortgage, you're more likely to lose your home than if you rent.
If you want to move, you can't until you've sold your home.
If you are going to be at retirement age when you finish paying the mortgage, you'll be no better off than someone who rents.

ognum

Before you buy

are you going to stay in the area - at the moment seeking isn't always easy.

Don't look for a capital gain - currently the housing market in most place is stagnant

Buy what you will need in 5 years not now - its the second timers that are in difficulty at the moment

Are you ready to maintain your own place


If you can answer ese questions and you still want to buy then do so!


If you want to be mobile and fancy free

haven't the money to buy a home that you want to live in for 10years

can be bothered with maintaining you property


Then rent!

hazyjo

Notmyrealname wrote: »

It depends.

If you are going to be at retirement age when you finish paying the mortgage, you'll be no better off than someone who rents.

Apart from the fact you'll have no rent to find as you'll own your home with only bills, etc to pay.

That's what puts me off renting long term/when older - having to find enough each month to pay the rent (unless of course you have a substantial pension).

Jx