Is Buying Cheaper Than Renting?

Work out your rental costs for a full 12 months, including renewing your contract
Calculate other bills you pay eg contents insurance, utility, council tax
Find a property you would like to own
Search ‘house prices sold’ information eg mouseprice.com to find out what it might sell for
Calculate how much deposit you would have to put down on the property, eg 5% or 25%?
Work out what the monthly mortgage would be now and when interest rates increase to 5%, eg you can use a mortgage calculator such as the BBC
Write down all of the costs you don’t pay now which you would pay if you owned a property:-
Water bills
Buildings insurance
Other utility bills (especially if you rent a room with all bills included)
Service and ground rent charges if a flat or new build
Renovation costs
On-going maintenance eg £1,000 a year for a house more than 25 years old
Safety checks eg gas and/or electrics
New appliances which the landlord would have previously replaced
Compare the upfront costs of buying including a deposit with the upfront costs of renting
Compare the on-going costs of buying versus renting