Should You Buy Or Rent a Home

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For this article, I am going to write about the difference between buying a home or renting one. Here I will give specific reasons for my choice and why one could be important than the other and how it might help some readers with their decisions.

Having a home owned by you can be great. Only you own it. But is it really a good idea to have yourself own a house where you pay hundreds of pounds on everything than paying a little fee while renting a home? Here I hope I can give you some good, useful information to help you choose whether to buy or rent a home for yourself and your family.

Having a home owned by you can be great. Only you own it. But is it really a good idea to have yourself own a house where you pay hundreds of pounds on everything than paying a little fee while renting a home? Here I hope I can give you some good, useful information to help you choose whether to buy or rent a home for yourself and your family.

From my point of view, it is better to rent a home than to buy. I am saying this because house prices are rising everyday! Yes they might have fallen a little over the past year but it is not enough.

The number of people living in their own property fell by a record 83,000 during 2007. Wow what a drop!

Home owners had fallen from 70.6% in 2006 to 69.8% in 2007 and this is the lowest level since 1998!

The average mortgage taken out by homebuyers in December 2007 was at 80% while the average interest rate for mortgages was 6.05%.

This means an average homebuyer pays 855 a month on repayment mortgage.

The house prices have also increased rapidly over the past 25 years! Back in the early 80’s, an average home cost around 20-40,000. But this has risen to about 180-200,000 today!

If you rent a home, I am sure that the amount you pay the owner will not exceed this amount at all.

When you own a property, you will need to pay everything because you’re the person responsible for it! And it can get very difficult. Payments such as water, electricity and gas bills which have and will continue to rise! It is said that gas prices are going to rise over a 1000 pounds in one years time! Yes I know what you are thinking! My head was spinning after hearing this! I was in complete shock!

But when you rent a home, you live in that house but everything is on the owner’s hand. You are not responsible to fix something which is damaged or neither do you pay the bills, taxes etc

The only required act that you need to do is pay for living in that owner’s property. And that’s it! Your over with money!

My sister rented a home a few years back and they were so happy that they did not have to pay for anything except a 50 fee for living in someone else’s property. However, they have moved on in life with a property of their own and they have a great deal of bills to payout! These bills are much higher than what the results were while living in a rented property and a crisis is over them at the moment for the high fees thy need to pay.

So make sure that when you decide to buy or rent a home, be careful because you might regret your decision later on in life. If you do not know what to do, contact your friends and speak to your family about it. They will be there to help you.

It is useful to keep some extra money in case you might need it for the bills. You never know what these bills can come out as. Once, my father received a bill of over 2000! He was very angry and it lingered around him for a long time.

We eventually found out that the bill was wrong and the fee was just over a 1000!

Stay safe and well dear reader! Hope you enjoyed this article and please read more if you wish:

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