Should you rent or buy?
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Things to weigh up if you’re not sure whether to buy or rent
Owning your own home is a huge commitment, not just to the building you buy and the area you choose to live in, but also to your life (and to another person if you are buying with a loved one or friend).
Benefits of owning your home
- There are many benefits to home ownership. Here are just some of them.
- Once you’ve paid off your mortgage, your home will be yours and it could be worth far more than you paid for it.
- If your home increases in value you can use that equity to help you afford a bigger home or to fund a more comfortable retirement if you downsize.
- When you retire you won’t necessarily have the income you need to keep on paying rent – if you have paid your mortgage off you’ll be living there ‘rent free’.
- You can spend money improving your home and increasing its value, whereas you can’t alter a rented home without the landlord’s permission.
- Sometimes it can be cheaper to buy than to rent.
Potential do...
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