Property News > Renting Versus Buying: An Argument For The Purchase

Renting Versus Buying: An Argument For The Purchase

The buying versus renting battle is one that’s up there with the biggest debates in the industry, and recent news revealing that in many parts of the UK is now cheaper to rent is only stoking that fire.At Property Rescue, we’ve been delving into the two markets to uncover exactly which is most expensive. Ultimately that depends on circumstance and where you’re located, but there are arguments for both that are substantial.In this post we’re going to explore the pros of buying a house, particularly for first-time buyers.The number of first-time buyers has dropped in recent times, with just 37% of 25-34 year olds now owning their home, compared to 57% in 2007.Despite that statistic though, and the fact it’s now taking on average eight years for young adults to save for a deposit, there’s plenty of reason to take on such an investment.Naturally, one of the biggest reasons is the fact that what you’re paying every month in mortgage repayments is essentially money you’ll redeem back when it comes to selling.There is profit to be had in property, whereas when renting it’s money you’ll never see again.What’s more, the house you’ve purchased is then your own. You aren’t limited to what a landlord will allow you to do and have a freedom to decorate and renovate however you wish. In the case of the latter, this will also allow you to add value to your home.That’s incredibly useful if you’re looking to let out the house, or even just a room, yourself. Lots of homeowners now lease out rooms in order to help pay off mortgages and you can generally make some good money in the process.For those just wanting to live in their home though, it’s all about the comfort and security of being your own boss. You won’t be made to move out if a landlord wants to sell up for example, nor will you be restricted from having pets. It’s your rules.At the moment, it’s understandable renting is an attractive prospect, particularly in the likes of London where mortgage repayments are on average £1,000 per month more expensive than renting. However, in many other parts of the country, for example Glasgow, Leeds and Birmingham mortgage payments are still cheaper, in the former’s case by 30%.Naturally, a deposit is required to achieve this, but it’s certainly still worth considering in certain parts of the UK.

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