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Reserve your dream home
with Agency Assist

We'll help you sell your current
home and even pay up to £3,000
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Why Rent, When You Can Buy

Many people have to choose between having to rent or buy a house at some point in their lives, and the age-old question tends to be “which is better?”. While renting can provide flexibility and convenience, there are several compelling reasons why getting a mortgage and buying a home can be a financially wise and rewarding choice.

A happy couple kissing their baby

Long Term Financial Implications

The initial costs of buying a home (e.g, down payments, closing costs, etc) can feel daunting. However, in the long term, paying a monthly mortgage could actually be more cost-effective than paying rent. When you rent, you usually do so in the knowledge that you have zero chance of a potential return on investment. You’re essentially paying to use someone else’s property. By purchasing a home, you are instead making monthly payments towards owning a valuable asset. Rather than seeing your money disappear into someone else’s pocket each month, you could instead see it going towards your very own home.

Ability to Build Equity

Investing in your own property allows you to build equity over time. “Equity” simply means the difference between the market value of your home and the outstanding balance on your mortgage. As you make mortgage payments and your home’s value appreciates, your equity grows. With each passing month, you get closer to owning your home outright and reaping the benefits of its increasing value.

Potential of Increasing in Value

Property values fluctuate, and often increase over time. Because of this, real estate has historically proven to be a reliable long-term investment. Although there are no guarantees, owning a home could potentially provide a significant return on investment if the housing market trends upward. As property values rise, you stand to gain from the appreciation. Value that accrues like this can be particularly advantageous when it’s time to sell your home, or if you plan to leverage the equity for other purposes (e.g refinancing or obtaining a home equity loan).

Stability & Freedom

Beyond the financial benefits, owning your own home offers a sense of stability that renting can’t provide. Nothing beats the feeling of being the proud owner of your very own property! When you have a mortgage, you have total control over your living space; you can make any changes, renovations, and improvements that you like! The freedom to personalise your home is often limited when renting. Additionally, many people find that owning a home gives them a much greater sense of belonging. Putting down “roots” in this way can even create a stronger connection to the community. It’s much easier to establish roots, engage with neighbours, and contribute to the overall well-being of the neighbourhood.

A happy couple relaxing on the sofa after buying a house and getting out of renting A happy couple relaxing on the sofa after buying a house and getting out of renting

When you look at the advantages of buying a property and getting a mortgage vs renting, the positives of owning a home are clear. Even so, buying a home remains a significant decision, so it’s crucial to remember that it should align with your personal circumstances, financial readiness, and long-term goals. In some situations, the advantages of renting a home include:

  • Speed – It’s often much quicker to rent a property than it is to get onto the property ladder by buying, especially if you’re trying to save up a deposit.
  • Flexibility – if you’re not yet ready to settle down, then the temporary nature of rental tenancies can work in your favour, giving you more flexibility to move quickly. That said, the flipside of this flexibility can be a lack of long-term security that creates its own problems.
  • Support – in a rental property, you don’t have to worry about maintenance costs, and may not even have to buy furniture (although your lack of influence when making any property decisions can also be a drawback if you’d want to do things differently). That said, you can often be waiting a while for a landlord to provide the support you need!
  • Cost – often, paying rent is cheaper than paying a mortgage, and you also won’t have to worry about things like legal fees or stamp duty. However, as we said earlier, what you do pay is effectively gone and can’t be viewed as a financial investment.

In many ways, the decision to rent vs buy comes down to short term affordability vs longer term gain. However, being cheaper in the short term doesn’t necessarily mean something is the wisest financial step to take! Most people therefore tend to use renting as just a stepping stone on the path to buying a home, and continue to aspire to become a homeowner.

When you do think you’re ready to own your own home, factors like your job stability, the local housing market, and your ability to manage homeownership responsibilities should all be carefully considered. Consulting with a reputable mortgage lender and a financial advisor is also highly recommended. Their expertise can help you to evaluate your options and make more informed decisions

If you’re ready to embark on the exciting journey of homeownership, then the Jones Homes team would be delighted to assist you.

With our help, you could soon be the proud owner of the home of your dreams.

Moorfield Park