Is buying a home the right choice for you?

January 3, 2016 by Brendan O'Neill

Advice & Tips

A large number of people in the UK would like to own their own home, but for some people renting would be a better option. Before buying a property, take some time to decide whether buying is the most suitable option and whether renting would be advantageous for you.

One of the main considerations is whether you can actually afford to buy a property. If you live in a part of the UK where house prices are exceptionally high, or have a low income, you may not be in a position to buy a property, which means that renting will be the preferred option.

There are many advantages to buying your own home, like increased security and freedom. If you can save a large deposit for your home and find a cheap mortgage, you may find that you can save money by buying rather than renting a home. You may even see buying your own home as investing in your future. If you have sufficient savings and find a property at the right price, you may be able to make a profit when you sell it, meaning you can buy a better home next time.

However, there are down sides to buying a property. You are making a huge financial commitment to pay off a large debt over a specific amount of time. If you lose your job or financial stability, you could end up losing thousands of pounds. To help you make the best choice for you, consult with a mortgage adviser who is CeMAP trained and can provide suitable advice.