This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Buying a property is possibly the toughest financial decision you will have to make. To help work out if it is better for you to rent or buy, the Money Advice Service has compiled an action plan.
Pros and cons
The Money Advice Service believes: “Writing everything down in one place will help focus the mind when deciding whether to buy or rent, and will be a useful reference point when looking at your finances, especially if money is tight.”1
It is advised that you compare the possible long-term cost of buying or renting a property. You should work out how much rent you can afford, by determining your outgoings and any upfront costs. The Money Advice Service has put together a guide on how much you can put towards rent.
Some schemes can make buying more affordable. You may be able to part-buy and part-rent to begin with. With others, you may be able to receive interest-free loans that help with deposits. See this guide for affordable housing scheme advice.
You can also follow the Money Advice Service’s action plan to help you get a mortgage with a small deposit.
Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources.
When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.
Just Landlords is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909
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