Purchasing Home Saves Money Compared to Renting
In over 75 per cent of towns across Britain, research by Zoopla.co.uk revealed that people will save money purchasing a home compared to renting.
Monthly payments on a 2 bedroom property are typically 8 per cent lower than the cost of renting property close in size, according to their website. Dundee is first on the list of affordable towns for housing, followed by Birmingham, Derby, Cambridge, and Milton and Keynes finish up the top five, respectively. But the website Zoopla said that while buying a property right now was cheaper than renting as a majority, if interest rates rose by 1 percentage point and rental costs stayed the same, it would then be cheaper to rent in 80 per cent of all the homes studied. The buying property idea has 2 obvious advantages. First, it helps build equity in your home, that you can use after the sale of that property. Secondly, when you are able to go remortgage the property and hopefully get a lower monthly payment.