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Is buying a house worth all the hassle in the UK?

Buying a home is a major investment. It’s also a major decision so don’t sleepwalk into homeownership without weighing up the pros and cons of it compared to renting

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Rent or buy?

Either way you’ll need to pay out a lot of cash each month to keep a roof over your head. Of course there are lots of benefits of ownership including the fact that you’ll eventually be the full owner of the property which gives you the option of downsizing to release capital. You won’t have to worry about being evicted at any time, and your home’s value will most likely increase meaning that you won’t pay as much for it as it ends up being worth several decades later. Investing cash in home improvements makes most sense when you’re the owner. The same can’t be said when you’re renting as your home improvements could lead the landlord to seek new tenants who are happy to pay more than you’re willing or able to. If you get the right mortgage, it can be cheaper than renting.

Downsides

You really should consider both sides of the coin before committing to home ownership as there are some downsides. This is a massive commitment. If you can’t afford to take it on right now, think very carefully about things you can do without to meet the cost of the mortgage. The value of the home can fall which will mean that you won’t be able to move without losing a lot of cash. When interest rates rise your mortgage costs will also go up. You have to make sure you’re prepared for this. As the owner you’ll have to meet all the costs of maintenance yourself. That includes bit ticket stuff like boilers and the roof. Will this stretch your family budget to the limit or beyond? That’s something that most people transferring from rented accommodation to home ownership don’t really account for.

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