It’s a well known fact that many are struggling to buy their own home at the moment, due in part to rising property prices and the difficulty of getting approval for a mortgage, however how does the cost of buying compare with renting your home? Could it well be the case that we’re experiencing a vicious circle of renting where the costs are significantly higher than mortgage repayments would be and therefore making it impossible to save up a sizeable deposit?
We recently put together the below infographic to showcase ‘The Cost Of Keeping A Roof Over Your Head’ looking specifically at ‘Renting vs Buying’ in 2015.
We were surprised to find that over a lifetime, renters can easily pay in excess of £296,000 to landlords, a figure which could see them purchase a 5 bedroom detached house in Manchester! With the likes of the Government’s Help To Buy Scheme, there IS help out there for those who want to get themselves onto the property ladder and we’re confident that seeing the facts and figures above could be enough to convince even the biggest of doubters that buying your own home is the right way to go.
Fancy sharing our infographic on your own site or blog? Here’s a handy embed code:
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