It’s an age-old debate: is it better to purchase your own home, or to cut out the hassles of property ownership and just rent? Is having a mortgage a huge burden, or is renting just throwing your money down the drain?
According to June 2018 figures by the housebuilder Strata, the financial difference – over a lifetime – is vast. If you rent for life, it will cost you £1.1 million more than purchasing your own home. The research compared the cost of owning a UK home to average monthly rental payments, over a 60-year period. An average first time buyer will spend around £430,000, whilst lifetime renters will reach a total of £1.6 million – 280% higher.