Interesting article on the BBC which backs up my opinion that renting property is much better than buying…at the moment anyway.
I cannot understand why someone nowadays would want to buy a house – having to save up 25% of the value as a deposit, then having to pay a mortgage, also having to pay for furniture, white goods, upkeep of the property.
Sure there are advantages that you get more freedom to do what you want with it, but you don’t have so much freedom in life, if you end up in negative equity you are stuck there, unable to move.
It is like a blind obsession of a dumb nature, in my eyes.
Sure, if buying a house was a good investment, if property prices were under-valued instead of massively over-inflated then I can see the argument.
But to me it just seems like money down the drain.
I have to totally disagree on this one as it has been proven over thousands of years that over the long term property will always rise in value although there will be blips.
Clearly if someone does not have a deposit to secure a mortgage or to furnish a property that is a different story but I do not believe that anyone would rent through choice if they had the financial status to buy.
If you are only responsible for yourself then I agree, but if you have dependents then being put in a position where you have to move at reasonably short notice because the owner has gone bankrupt or decided to sell is just too risky, especially with other variables such as your children's education to think about.
The UK is an owner/occupier driven housing market as opposed to the model in many other countries, which makes supply and consequently the choice available of let properties low and drives rental prices up. Even with a 6% mortgage we still pay less than we would to rent, are paying off a mortgage rather than someone else's therefore increasing our potential profit when we sell, can make alterations to our property to suit our situation, don't have to worry about losing our deposit, can have pets, etc etc. The list of pro's is as long as the list of con's dependent on what is important to you at that particular stage in your life.
I can see why in your position it is a much more appealing and sensible idea. I was really only thinking about people in my position, family considerations don't come into my thinking. Forgive my naeivity