Buying a home versus renting, a major decision for young people. Most choose to rent which is more expensive in the long run but many people choose to wait until they find the right partner before making the transition to purchase a home. If you are buying, make sure you “do your homework” and check to see what homes in the area are selling for, do not be afraid to negotiate the price and make sure you get a mortgage agreement. Be serious about your purchase and double check you can afford you payments. You may also need to think about cutting back on what you Want to buy versus what you Need to buy.
Key Takeaways:
- It is more expensive to rent than to buy a house.
- Londoners could save almost £2,000 a year and about half of that by people in the South West and Scotland.
- Annual rent hikes by landlords exacerbate the difficulty of home ownership.
“Data from Halifax, the UK’s biggest mortgage lender, reveals the average first-time buyer in the UK would be £651 a year better off if they owned a home.”