Why rent when you can buy?

Posted on May 3rd, 2023

Are you currently renting a home and wondering if it’s time to take the leap into homeownership? In today’s market, buying a home makes more financial sense than renting. Not only does owning a property provide a sense of security and stability, but it can also offer significant financial benefits in the long run. In this article, we will explore the top reasons why you should buy a home over renting.  

Monthly payments are often lower when buying

The most important factor for people when deciding between buying and renting is the financial aspect. In today’s market, buying a home makes much more financial sense than renting. According to a recent report from the Office for National Statistics, rent prices in the UK are now at the highest rate on record, with steep rental increases across both Zoopla and Rightmove.

Private rental prices paid by UK tenants rose 4.7 per cent in the year leading up to February 2023, and the rise in rental prices has also been seen across tenants in social housing, with many people seeing their rent rise by 7% as of April 2023.

So, with rental prices at an all-time high and mortgage rates falling month on month, it’s much more affordable to buy a home.

You’ll eventually own your home

Without stating the obvious, a huge advantage of buying over renting is that eventually, you’ll own your home, giving you more financial freedom in the future. Instead of putting your money in your landlord’s pocket, the monthly payments you make will contribute towards paying off your mortgage, meaning you will own the property outright.

Security of owning your own home

One of the biggest advantages of homeownership is the sense of security it provides. When you own a home, you have a stable place to live and the freedom to make it your own. You don’t have to worry about a landlord raising your rent or terminating the rental agreement with little warning.

Home equity

Another significant advantage of owning a home over renting is the ability to build equity over time. When you make mortgage payments, you’re not just paying off the interest on your loan. A portion of each payment goes towards the principal balance of your loan, which means that you own a larger percentage of the property with each payment. This equity can be used in the future to finance large expenditures.

A range of buying options available

There tends to be a good range of buying options available for purchasing a home, whereas there is little to no help with renting. Here at Seddon Homes, we believe that everyone deserves to own their own home and that is why we have developed a range of amazing offers and buying schemes to help you on your journey including our Relatives Reward scheme, Select Solicitor scheme and  Deposit Builder Scheme.

Start your Seddon Homes journey

 So, now you know the many advantages of buying over renting, there’s no better time than now to start your Seddon Homes journey to your new property. If you’re in the initial stages of buying a property, you can view our fantastic selection of homes, here. Or, if there is a particular home you’d like some more information on, our friendly Sales Advisors would be more than happy to help.

 

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