Renting vs Buying

Transforming_Tenure

Hello,

I'm currently doing some research into renting / buying and wondered what people's thoughts were on it.

Does anyone have any preferences towards either renting or buying and why?

need_an_answer

Are you perhaps able to expand a little on describing what type of research you are doing?

You may get better or more answers that way.


Many thoughts and opinions rumble round these boards on both topics and if you want some reasonable answers you may need to clarify your question

bap98189

There are pros and cons of both. You are going to have to make your question a bit more specific if you want information.

Rambosmum

Both have pros and cons, both worked for me in different circumstances. It's a bit of a simplistic question, I think you need to give more detail.

PasturesNew

There is no right/wrong answer, only "preferred" choices made by certain people in certain circumstances.

Why don't the homeless just buy?
Why do celebrities rent mansions?

martinlewisjunior

Buying everytime surely? You get to see the money if you move. Assuming the price has stayed the same/gone up in value.

Pixie5740

martinlewisjunior wrote: »

Buying everytime surely? You get to see the money if you move. Assuming the price has stayed the same/gone up in value.

Even if you only plan on living somewhere for a few months or a year?

Transforming_Tenure

Hi all, thanks for responding- I can definitely help with a bit more detail.

Was interested to hear about people's individual choices, so are you currently renting / owning and are you looking to rent / buy? What factors affected your decision etc? Do you have strong feelings against renting or ownership?

NaughtiusMaximus

Pixie5740 wrote: »

Even if you only plan on living somewhere for a few months or a year?

Indeed, really no point in buying unless you plan on being there for at least 2-3 years IMO.

sal_III

The simplest aswer to the OP question is - Horses for courses

martinlewisjunior wrote: »

Buying everytime surely? You get to see the money if you move. Assuming the price has stayed the same/gone up in value.

Surely?

What if you move due to work on a regular basis? SDLT and other fees can easily wipe out any financial gains, even if you ignore all the stress of buying /selling.

What if your income is not secure for whatever reason? Do you want a long term commitment?

What if Crashy is right and the prices start falling?

chelseablue

For me I prefer buying because:

Mortgage vs rent it costs me less per month to buy my house than rent (mortgage is £790 a month, to rent a similar size house would be about £1300 a month). But if something needs fixing we have to pay for it ourselves.

Security; As long as we keep paying the mortgage we cant be evicted. Know a few people where they've been settled in their house and the landlord wants to sell and they need to move again.

Can decorate/improve the house how we want

With a mortgage at least there's an end date to it (although 30 years away for us :rotfl: )