This is a common dilemma with many people. Am I better off if I buy a house or if I continue renting? As with all personal finance questions, the answer is “it depends”.
It depends on what is most important to you.
Pure Finance
If you are looking at the pure finance of the decision then you are better of renting. It is a fact that unless you buy with a view to add value via development, you will come out miles in front if you are renting. The cost of a mortgage is so HUGE, and the opportunity cost of having money tied up in the mortgage, versus out in the market place earning all sorts of ridiculous interest at the moment is very high.
Something to ponder. Next in the series: Is money everything anyway? The downside of pure finance.
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