Should You Buy or Rent a Property?
Mark answers one of the most asked property questions, should you rent or should you buy? He talks about the considerations for both options and shares the financial implications and benefits of owning -vs- renting a property. KEY TAKEAWAYS If you want to buy then it needs to be for a period that is long enough to counteract the costs of buying, like stamp duty, legal fees and leaving costs, which is usually 3-5 years. If you are staying somewhere less than 3 years, then renting might be a better option financially. Buying benefits most in the long term. Inflation has the opposite effect on debt, so you can use this to your advantage and buy a house. There is security in owning a house, you aren’t at risk of eviction. BEST MOMENTS "You need to look at if it’s going to benefit you over the long run” “Over time, you will get capital growth” “Inflation will erode that mortgage payment and the real value of that mortgage” VALUABLE RESOURCES https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/ ABOUT THE HOST Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties. CONTACT METHOD Email: Markhomer@progressiveproperty.co.uk LinkedIn: https://www.linkedin.com/in/markhomer1 Facebook: https://www.facebook.com/markprogressive Twitter: https://twitter.com/markprogressive ‘Brought to you by Progressive Media’: https://progressivemedia.uk/