General Article Renting vs buying: should I get a mortgage?

Topic Selected: Housing Book Volume: 396

With property prices around the world now growing by double digits, how big a risk are central banks running?

By Nick Green, Financial Journalist

According to the HomeOwners Alliance, 86% of people in Britain want to own their own home. But with house prices continuing to rise, becoming a first-time buyer is prohibitively expensive for many. There’s also the responsibility of taking on a long-term loan. Are there any instances when renting is actually the better option? Let’s take a look.

What are the advantages of buying a house?

There are clearly many more factors other than cost that will determine the best option for you. Here are the main upsides of home ownership.

  • Security: You can’t be made to move out at short notice by a landlord.
  • Freedom: You don’t have to stick to a tenancy agreement that sets out what you can and cannot do, and you can decorate and furnish your home exactly to your taste and make structural modifications to enhance its value.
  • It’s an investment in your ...

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