Renting vs buying: Should I get a mortgage?

What are the advantages of buying a house?

Here are the main upsides of home ownership.

  • Security
    You can’t be made to move out at short notice by a landlord.
  • Freedom
    You don’t have to stick to a tenancy agreement that sets out what you can and cannot do, and you can decorate and furnish your home exactly to your taste and make structural modifications to enhance its value.
  • It’s an investment in your future
    Instead of paying rent that pays off your landlord’s mortgage, your monthly payments will be contributing towards something that is yours

With a fixed-rate mortgage, you can control your costs more easily than being at the whim of a landlord who may suddenly put your rent up.

What are the advantages of renting?

Now let’s see the areas where renting a home may be a better fit for some people’s lifestyles.

  • Flexibility
    Most rental contracts are 12-months long, which means that If you change jobs or just want to try living in a different area, it’s easier to move quickly. If you lose your job, you can give your landlord notice, walk away and rent something smaller or move in with family or friends temporarily.
  • Maintenance is not your responsibility
    When you live in rented accommodation, and there’s something wrong such as a broken shower or a mysterious leak under the sink, you just have to contact the landlord to sort it out.

What’s cheaper – renting vs buying?

In Northern Ireland it is cheaper to buy than it is to rent.

Homeownership can prove cheaper than renting. First time buyers find they can save £300 per month on average.

You’ll also have the added benefit of owning an asset that should steadily rise in value over time.

Buying requires a bigger upfront cost, but renting is more expensive in the long term.

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