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Is it better to buy or rent?

A

AleesLLD

New Member
Hi,

I'm in desperate need to move out of my parents home but don't know if it's better to buy or rent a property. I know buying you can decorate your home in your own way but renting can be cheaper as if something breaks it's up to the landlord to fix.

Advice on both would be great.
 
Veronica

Veronica

Administrator
If it is within your financial capabilities I would always recommend buying.
Rent is dead money whereas if you own the property over time it will appreciate in value.
 
F

FWL

Member
Many years ago the experts were predicting a huge rental market in the UK as a consequence of the "mobile employment market". This hasn't really happened. So, I agree with Veronica, if you have the funds to buy your property then buy it.
 
C

cardinalthomas

New Member
if you have enough money always buy because anything can happen in life your business, or jib can break down but at least you have a place to live with no one disturbing you. Buying a property is a blessing for anyone and always buy a property than rent.
 
prasanth

prasanth

New Member
Hi,

I would suggest to go for buy Instead of Rent since You have certain Benefits on Buying a Home. However It would be helpful to Save your money on Rent. You Might get the freedom & happiness that you live on your own home. You can Always Customize your home according to Your Preference.

Choice is yours!
 
L

Longterminvestor

Administrator
In the UK mortgage rates are currently at or around historic lows. It should be possible to lock in these rates for a number of years with many property mortgages now cheaper than their comparative rents. Buy where possible.
 
T

Theo_Ch

New Member
I would also advise to buy a property instead of renting. As @Veronica said, rent is dead money, but buying is an investment.
 
K

keithastre

New Member
If it is within your financial capabilities I would always recommend buying.
Rent is dead money whereas if you own the property over time it will appreciate in value.
If it is within your financial capabilities I would always recommend buying.
Rent is dead money whereas if you own the property over time it will appreciate in value.
 
J

John Metz

New Member
Many years ago the experts were predicting a huge rental market in the UK as a consequence of the "mobile employment market". This hasn't really happened. So, I agree with Veronica, if you have the funds to buy your property then buy it.
Many years ago the experts were predicting a huge rental market in the UK as a consequence of the "mobile employment market". This hasn't really happened. So, I agree with Veronica, if you have the funds to buy your property then buy it.
I agree too. if you have funds then go for it.
 
D

diyhelp

Active Member
Whether now is the time, or wait until the end of furlough hits in the new year is debateable. Either way, if you are looking longer term there is good potential out there. However, remember to drive a hard bargin - cash is king!
 
O

oli150194

New Member
I agree if possible always buy instead of rent, it gets your onto the property ladder for one and you can redecorate and renovate the house how you choose.
 
J

Joeburns

New Member
Well, I believe that buy an old house and then thinks what necessary been done and might you can also do some stuff like home remodeling
 
B

bracknelson

New Member
In order to make better decision, you need to weigh down both pros and cons of buying and renting.

Here is a quick comparison between both:

Pros of buying property
  • May build equity and credit
  • No landlord to answer to
  • More stability
  • Possible tax benefits
  • Can improve or upgrade home to your taste
Cons of buying property
  • Requires substantial money and paperwork
  • Could lose money if home values decline
  • Extra expenses beyond mortgage payments
  • Rising home prices and low inventory in many markets
  • Responsible for repairs, remodeling
Pros of renting a property
  • Fewer upfront costs and paperwork
  • Freedom to be more mobile
  • Not responsible for maintenance, repairs
  • No need to worry about falling home values
  • No property tax bills
Cons of renting a property
  • Landlord can raise the rent
  • Choices may be limited depending on vacancies
  • Might have to move multiple times
  • Don’t build equity
  • No tax benefits
I think that comparison would help you to choose, but I would suggest you to use the Rent vs Buy calculator for a better idea.
 
P

propsid

New Member
If you are shifting for a short period of time then renting is good option, however if you are planning to stay permanently then buying is recommended.
 
M

MilkyFloor

New Member
I think that it depends on your possibilities and your lifestyle
 
D

Dora Wi

Member
It really depends on where you live but generally I would also say buying is a better idea than renting if you can afford it. When you rent an apartment, you are very much at the mercy of your landlord, rise in real estate prices might raise the rent price too, and you also have to be mindful that some landlords will say in the contract that you have to pay for appliances that break while you are there. If you pay rent your entire life, it will likely add up to more than the price of the estate.
 
B

bracknelson

New Member
Hi,

I'm in desperate need to move out of my parents home but don't know if it's better to buy or rent a property. I know buying you can decorate your home in your own way but renting can be cheaper as if something breaks it's up to the landlord to fix.

Advice on both would be great.
My friend, It totally depends on your financial circumstances. If you are capable to buy a house, nothing is better than having your own house. But if you are not so you have no option to rent a property.
 
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