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Rent Or Own?

It is a topic that people in the UK seem to obsess about more than anywhere else, at least in Europe. Whether renting is a waste of money as you own nothing at the end of it all. So which is it best to do – rent or own?

Rent Or Own? Many Have No Choice

It’s important to state that for many millions of people in the UK, it is not a simple choice to make. There is no choice, as they can simply not afford to get a mortgage. I am one of those people. I can only rent, and I would rather own a place. I do not want to be answerable to a landlord, want an asset to pay off, and to be able to do what i want to my property. None of those are options for me if i rent. House prices have risen steadily for decades, putting them out of reach for many, unless they have a helping hand.

It Takes Time

For many others that do make it onto the property ladder it still takes time. You need to save up to put down a deposit and have savings to pay for all the fees that purchasing a home involves. Fees such as surveys, estate agent cuts, furniture and more. So patience is needed.

Rent Or Own? Advantages Of Renting

Is having a roof over your head not the most important thing? Unless you want something to pass on to children, does it matter if the building you reside in is yours or not? Your daily experience is the same after all. Renting tends to be cheaper, and if something goes wrong in the house, such as a broken boiler, it is the landlord’s role to fix it. Renting gives the flexibility to move around, and is less stressful than the process of buying a property. What;s more, you can still decorate and make a rented place your own.  You are not totally banned from doing anything. Renting allows me to live in a nicer area too. House prices in my area are sky-high.

Advantages Of Owning

It is your place, so you can do anything with it. You can have pets, you answer to no one, you can design it as you see fit. What’s more, it is an asset, that can grow in value and make you money. You are paying for something you own at the end, and should you pay off your mortgage, then it takes the financial burden of regular payments away. You will never have that with renting. There will always be a monthly payment to make. 

Rent Or Own? Other Considerations

A mortgage is a long commitment, so must be done with that in mind. There are other ways to invest in an asset if you have disposable income, and we should not expect house prices to always rise. Especially in the current climate. If you want to invest, you could rent and use spare money for other considerations, such as stocks and shares.

Got A Family?

There is no right answer as to whether people should buy or rent. But having a family is a key reason for many to want to own a property. They want their own place to call home, and perhaps some day pass on to their children. This makes sense. Everyone must do what they think is best – or do what they can afford to.

 

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