Should I buy or rent?

WTF is this blog about?!

  • Constantly being reminded that we’re ‘throwing our money away on rent’ – it’s no wonder we’re desperate to get on the property ladder – but is it the Rightmove for you (Rightmove – get it?!)?
  • In this blog, I’m giving you the low down on buying vs. renting to help you compare your options 🤓

You know those bridezilla’s? Well that used to be me with buying a house. It’s fair to say I was OBSESSED. Forget Tinder, you’d usually find me swiping through Zoopla for some serious house porn.

I’ve always loved houses – I think I’ve seen every episode of Location, Location, Location and Grand Designs there is (what can I say, I’m a bad b!*ch)! But I’ve moved houses 7 times in the last 6 years (3 times whilst at uni, then back to my family home, then 3 times since I’ve lived in London) and it’s exhausting! So my goal of buying a house has always been less about money and more about stability – somewhere I can decorate and call home (🤢 cheesy, I know)!

But buying a house is probably the biggest financial commitment you’re ever going to make – so it’s important to weigh up the pros and cons before diving in wallet first, which I’m hoping this blog will help you with!

What’s so dope about buying a house?!

1. You can make it homely af: have a million different interior Pinterest boards you’re desperate to use? Me too 🙋 Owning your own home means that you can decorate however tf you want – no need to ask your landlord for permission. Also, any home improvements you make should add value to the property when you come to sell (unless you have rank taste ofc). Plus, pets – enough said 😻

2. It’s an investment: although I don’t agree that renting is ‘throwing money away’, it is true that once you’ve paid off your mortgage, the house will be yours. Unlike with renting, where you could spend the next 50 years paying rent without actually owning anything at the end. Plus, you’ll make money if the house increases in value (although this is never guaranteed).

3. It might be cheaper than renting: in some areas – buying a house might be cheaper than renting – although it’s not only the monthly mortgage repayments you’ll need to factor into your maths here, there’s also the upfront costs of buying like legal and estate agency fees.

But renting can be cool too, if:

1. You have commitment issues: buying a house usually means signing-up to a 20-40 year mortgage. Mate, I can’t even commit to an annual gym membership. Obviously there’s a way out – but this will involve selling your house, which can be a long and spenny process. Whereas, with renting, you’re free to up and leave whenever tf you want – which is great if you want to try a new area, quit your job, find new roommates, or if you’ve had a dodgy break-up (speaking from experience here…).

2. You don’t like unexpected expenses: I mean, seriously, who does!? Owning your own home means that you’re responsible for any maintenance or repairs – which might come out of the blue (like your boiler breaking or roof leaking). When you’re renting, these costs will be covered by your landlord, which makes it a LOT easier to plan your monthly expenses. Plus – lots of people forget that most of your mortgage payments (particularly in the early years) will be going towards interest rather than to your savings – so it might make sense to continue renting for a few more years to save a bigger deposit (which will bring the interest payments down) rather than jumping in with the bare minimum required. I recommend speaking to a mortgage advisor to weigh up your options here.

3. You’re boujee af: although buying a house can sometimes be cheaper than renting, it’s usually the other way around. Renting allows you to live in areas you could never even dream of buying in. For example, renting allows me to live in Central London, an area I can’t afford to buy in anytime soon (my last flat cost a whopping £1.2m according to Zoopla!!). I’m essentially paying for the privilege of a 20min commute and all of the amazing things that London has to offer, which is totally worth it IMHO! 💃

So what?

If adulting were a Nintendo game, buying a house would be the big boss. It feels like something you need to defeat in order to win the game of life – well, for me it did anyway. And this might have been the case a few years ago, when buying a house was actually affordable. But with prices sky-rocketing and people having plenty more opportunities to go travelling or change careers – committing to a mortgage is no longer a no-brainer.

Personally – I’m still pretty sure I’ll want to own my own home one day, mainly so that I can decorate tf out of it! But I’m a lot more chill about when it will happen. I’m nowhere near ready to move out of London yet, I’d still like to do some travelling and tbh, I’d quite like to wait until my bf and I are ready to take the plunge together!

That’s not to say now’s not the right time for you! And if you are still a keen bean when it comes to buying your own place – then check out my other home-buying blogs!

If you found this blog useful, please share with your family, mates and Tinder dates! And go give me a follow on Insta for more banging content.
Now for the serious part: my blogs are for educational purposes only – speak to an independent financial advisor for information on your specific circumstances. And remember, investments can go down as well as up.

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