Europeans – many of them anyway – are more renting than buying when it comes homes – but are we going the same way perhaps in these changing financial times
As a leading Lettings agents in Darwen, we know locally and across the Region generally, that more people have rented over recent times because their finances have meant they have had to – but this probably does not suggest a deep seated conversion from ‘buy’ to ‘rent’.
Why so keen?
Its an interesting question why us Brits seem driven to own our own homes when our Continental neighbours are less inclined to do so.
As a Darwen Estate Agent too also covering the surrounding area , we still very much have an idea that if things improve that little bit more, many of those renting homes will hurry back to buy a home again as and when they can.
No real conversion
Not so many are actually being converted to renting a property long term, even though they may be doing so at the moment.
There is often talk of it being dead money to pay rent? Is that a totally fair statement? Renting or buying your home, you make a monthly payment and have the facility of a home to live in as a result – that’s the basic situation.
Time to sell?
It might be said that the only benefit is when you say to yourself ‘time to sell my home’ and move – but these days that benefit might be said to be hardly guaranteed!
But having said this if you can get a mortgage -and as a local mortgage adviser, we can help you do this – and you have the deposit – yes, it is a good time to buy!
More home for your money
It’s fair to say in most cases here in the Darwen area for example, you will probably get more home for your monthly payment in terms of your day to day living environment if you are spending that sum on buying a property right now as opposed to spending the same amount on renting one.
This is perhaps the most significant advantage – more at this time than the actual advantage you might accrue in the value of property itself. Of course, investing in your future is good – but to benefit in reality you need to have a stable job and a continuing income – and these days that’s not easy for us all to achieve either!
A financial hindrance
On the other side of the coin – many of us are more transient and we frequently change our personal circumstances for various reasons. This being the case, owning a home can sometimes even be something of a financial hindrance and can put pressure on our financial resources, because of a need to make a key change in life circumstances at short notice.
It is fair to say that renting does offer a more flexible situation, perhaps more in step with the way many of us have to live our lives today.
The British ‘psyche’
Buying is to an extent something of a deep rooted part of the British psyche these days, but currently financial pressures and social circumstances mean right now we are merely following the European way a little more these days than we used to perhaps – but it is be no means a total conversion – nor will it be.
Guidance on whether to rent and or whether to buy is all part of the service at here Ainsworth Lords Estates.
Says our founder, Paul Ainsworth Lord, “We’re here to help you ponder your way to the right decision and evaluate your next move, whether it be European in style or not!”.