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Wednesday 26 February 2020
Wednesday 26 February 2020
Wednesday 26 February 2020
Wednesday 26 February 2020
When deciding whether to rent or buy a home, it’s essential to weigh the financial and lifestyle implications. For many, renting seems like an appealing first step to gain independence, especially when moving out of their parents' home. However, the long-term financial benefits of owning a home often make it a better choice.
The Financial Comparison
Private renters can expect to pay an average of £451,600 over the next 30 years. In contrast, homeowners with a 25-year repayment mortgage would pay approximately £317,900 (assuming interest rates remain at current levels), according to the Intermediary Mortgage.
This means that owning a home could save you £133,700 over 30 years—a significant amount that highlights the financial advantage of homeownership.
Overcoming the Initial Hurdles
One of the biggest challenges for prospective homeowners is saving up for a deposit. While this is undoubtedly a significant hurdle, it’s worth the effort. Once you’ve saved enough to secure a deposit, you’re on your way to owning a home that can provide long-term stability and financial benefits.
Why Owning is Better
Lower Long-Term Costs: Over time, owning a home typically costs less than renting.
Equity Building: Monthly mortgage payments contribute to your ownership, unlike rent, which is an expense with no return.
Freedom and Stability: As a homeowner, you have more control over your living environment and don’t face the uncertainty of rent increases or landlord decisions.
Conclusion
The answer to whether owning a home is better than renting is a resounding yes. While saving for a deposit may require effort and discipline, the financial savings and benefits of owning a home make it a worthwhile investment.
Take the First Step
If you’re ready to explore homeownership, our expert mortgage advisors are here to help.
Call us at 01202 733809.
Use our online contact form to get started.
Visit our office on Parkstone Road in Poole, Dorset.
Turn your dream of homeownership into reality with Barrett Mortgages.
When deciding whether to rent or buy a home, it’s essential to weigh the financial and lifestyle implications. For many, renting seems like an appealing first step to gain independence, especially when moving out of their parents' home. However, the long-term financial benefits of owning a home often make it a better choice.
The Financial Comparison
Private renters can expect to pay an average of £451,600 over the next 30 years. In contrast, homeowners with a 25-year repayment mortgage would pay approximately £317,900 (assuming interest rates remain at current levels), according to the Intermediary Mortgage.
This means that owning a home could save you £133,700 over 30 years—a significant amount that highlights the financial advantage of homeownership.
Overcoming the Initial Hurdles
One of the biggest challenges for prospective homeowners is saving up for a deposit. While this is undoubtedly a significant hurdle, it’s worth the effort. Once you’ve saved enough to secure a deposit, you’re on your way to owning a home that can provide long-term stability and financial benefits.
Why Owning is Better
Lower Long-Term Costs: Over time, owning a home typically costs less than renting.
Equity Building: Monthly mortgage payments contribute to your ownership, unlike rent, which is an expense with no return.
Freedom and Stability: As a homeowner, you have more control over your living environment and don’t face the uncertainty of rent increases or landlord decisions.
Conclusion
The answer to whether owning a home is better than renting is a resounding yes. While saving for a deposit may require effort and discipline, the financial savings and benefits of owning a home make it a worthwhile investment.
Take the First Step
If you’re ready to explore homeownership, our expert mortgage advisors are here to help.
Call us at 01202 733809.
Use our online contact form to get started.
Visit our office on Parkstone Road in Poole, Dorset.
Turn your dream of homeownership into reality with Barrett Mortgages.
