Three Major differences between renting and buying a house in UK

Considering to move into a new home anywhere in the United Kingdom is quite a bold step into life itself. As such the thoughts of either Renting or buying a house is bound to come across your mind. When considering renting or buying, the most important factor to consider is the cost factor, how well can you keep up with either mortgage or per annum rent fee; if renting, can you handle the ground rent scandal if the need arises? If buying, are certain you can pay off the mortgage? Irrespective of your answers for now, this piece is targeted towards articulating a number of differences between renting and buying a house in UK to help you come to a valid conclusion as regards which is most preferred:

Mortgage vs per annum ground rent

When buying, the only factor impeding you from claiming total ownership is the incomplete payment on the building. Thus, after full mortgage payment has been made, buyer can now claim full ownership of the house. As regards renting, a per annum rental fee called the ground is requested of you to be paid on yearly basis. In this case ground rent fee sometimes tend to double up in subsequent years as such giving rise to the ground rent scandal.

A period-range payment vs lifetime payment

Beyond reasonable doubt, mortgage payment in most cases only last for a few years (considering all things being equal). It doesn’t take too long to complete a mortgage payment while on the other hand, in rent cases, payment usually last for a lifetime unless the tenant moves out of the building.

Maintenance without consent vs maintenance with consent

It is always included in the contract documents; “right to consent” when it comes to maintenance. In this regard, buying a house implies that all right to consent would be bestowed on you- in cases like maintenance, you have no reason to seek the consent of anyone. When renting, no innovation or renovation can be made without seeking consent or permission from the house owner.