Renting or Buying with mortgage which is best?

Question

I'm currently renting and spending nearly as much as i would be if i had a mortgage. Do I get on the property ladder and go for my own house or not?

I must add that i'm in the UK as have had some good sites shown but they are for US Thank you anyway any advice is good

Answer 1

Yes. In most cases, buying beats renting because:

- You can deduct your mortgage interest and propery tax from your income and thus save on your income tax payment.
_ Your house will most likely appreciate (increase in value) over time so when you sell it, you'll realize a profit. Even before you sell it, the increase in the house value will increase the equity you have on it (i.e. the difference in the appraised value of the house and what you still owe on the mortgage), enabling you to obtain home equity loans (if you need them) at interests lower than most other types of loans.
-You'll likely to have a better place to live in as rental properties are usually not of the best quality or very well maintained. Usually, you'll have more privacy in your own home as well.
-You'll have what's called pride of ownership. It may be intangible but it could enhance your image. You'll be viewed by many as more responsible and stable. That's why employers and creditors always ask applicants whether they rent or own.

Answer 2

It depends on your own financial situation. Property prices are falling right now, so you can probably get a place for cheaper than a few years ago, but if you intend to sell it quickly (in a few years) you might wind up losing money until property prices start to rise again.
There are a lot of great things about owning a house (freedom to do whatever you want to it, tax breaks, building up good crediand home equity) but a lot of not so great things (lawn maintenance, home repair). If you don't intend on moving for a long time, purchasing a house might be the way to go. There are a lot of "renting vs. buying" calculators on the interent, that might help you decide.
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH

Answer 3

Save like mad for a deposit and BUY BUY BUY. Even allowing for having to pay your own property insurance (NEVER go without insuring the property) and other bills you'll still be better off than renting.
Incidentally, Hatchland is completely wrong. There is no tax releaf on mortgages. It was systematically abolished by succesive governments since 1994. Even when it existed it wasn't exactly 100%.

Answer 4

Buy now. It's hard enough getting on the property ladder as it is. How would be able to afford to pay rent when you're retired, where as if you buy you'll own and won't have that problem.

Answer 5

Start looking today. Just think where is the money going? In someone else's pocket but if you owned a home it goes to your equity. Ready to buy call 516 538 5800 ext 239. Mortgage Consultant.

Answer 6

Remember that mortgage interest is 100% tax deductible, so instead of paying income taxes, you could be buying a house. It's a no-brainer, really.

Answer 7

Defo - book an appointment with an independant mortgage advisor to see how much you could borrow and how much it would cost

Answer 8

For sure this is not only the Right think to do but its a large tax Break as well

Answer 9

yes definately id buy a house if i was paying as much in rent as i would be for a morgage good luck to you

Answer 10

well heck yeah.
it would be crazy not to.
if you keep the place looking nice or improve it some the value will go up and if you ever want to sell it you may come out on top.
go for it girl, buy yourself a home...