Should I buy or rent? Here are our top 5 reasons why buying could be the right option now
Many people have rented rather than purchased property over recent years, principally because of barriers such as the difficulty in saving such large deposits and being able to afford a mortgage. Thanks to a market place where more people are moving, often utilising incentives such as the help to buy scheme, we are seeing the number of first time buyers increasing. So why is now a better time to buy rather than rent? Here are 5 good reasons to buy:
1. Friendly low interest rates
As things stand the cost of a mortgage is relatively cheap. With interest rates at a record low
many lenders are offering great products
including fixed rates which providing financial security over the next few
2. The money you earn is securing you an asset – not somebody else!
Renting is relatively easy however you are handing over your hard earned cash for someone else to own something you could have for yourself. At least, when you have a mortgage you are working towards owning the house, when renting you pay someone else to own the property without ever having the opportunity to own it yourself.
3. Help to Buy ends in 2020
Although 2020 seems a long time away and leaves plenty of time for potential home buyers the chance to access the scheme. Many factors can change. A government regime change may mean early closure of the scheme and there is always the potential for interest rate increases. We would advise making the most of this scheme as soon as you can, while other factors in the housing market remain positive.
4. It’s a busy housing market
Lots of activity in the housing market means there a lots of people looking to move. We have noticed that activity has picked up, particularly in lower value property meaning there are now options for people working on a lower budget.
5. It’s your house – do what you want with it!
When purchasing a house you earn the right to design, furnish and decorate it exactly how you want - there are no landlords to answer to.
If you want more advice on the schemes available you can find more detail on www.homesandcommunities.co.uk/help-to-buy