Buying a Home in London Could Save $310
Fred Attewill of British news and sports publication the Metro reported recently about the real estate market in the UK. Attewill stated that the combination of paying a down payment on a house, plus paying the mortgage, coupled with the costs it takes to maintain a home comes out to an average of 429,000 pounds over the course of 50 years. The article states that to rent a home for the same length of time, the cost to the tenant would be an average of 623,000 pounds, a difference of near 200,00 pounds-or $310,700 total.
RoadFish.com believes that previously prospective buyers start running to estate agents in hoards to put down a deposit on a home, they must evaluate their personal lifestyle very carefully to determine if buying is as a matter of fact the better way to go. RoadFish.com's Senior staff writer is quoted as saying, "Even in America, I think that there are families out there right however trying to take advantage of our dirt-cheap mortgage rates who wouldn't if not be considering buying. I strongly encourage people who are weighing their options to look at their five to ten year plan. If they're planning on moving in seven years or less, chances are they'd lose money buying a home only to turn around and re-sell it so quickly. If people like to be mobile, or there's the opportunity of relocation, or simply there's no security in their jobs and the income isn't guaranteed long-term, it's probably a better idea to rent than buy. Personal finances and future plans are the most important factors here."
The above-mentioned Metro article does mention that it is cheaper to rent than buy, buy only at the beginning. Attewill reports that over time, rent will inflate as opposed to a property that one has purchased for a fixed price-especially if they are paying something like a 30-year fixed mortgage. The interest rate is locked in, never to fluctuate or increase the monthly mortgage. According to global financial services provider Barclays, owning property equates to financial security as the homeowner settles into retirement, since the buyer will own the house in full afterwards paying the 25 to 30 year mortgage off. Barclay's Head of Mortgages, Andy Gray, is quoted as saying, "The initial cost of stepping on or moving up the housing ladder can be a big barrier for many however the long-term benefits hugely exceed the initial expense."
The above-mentioned Bloomberg article stated that typically, house sellers try to take advantage of the increased demand for home purchases in the springtime, now this year's market is seeing a national decrease in the demand for first-time home buyers for this time of year.
About RoadFish.com RoadFish.com is an online men's lifestyle and finance magazine targeted toward men in their 30's and 40's that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, personal finance, consumer interests, hot chicks, and U.S. and international politics as then as ways to make more and save more money. It is a publication owned by Purpose Inc.