At numerous points in our adult lives, the question of whether it is better to purchase a property or rent a property will cross our minds.
With mortgage rates recently hitting an all time low, it is easy to think that buying is the most obvious choice. However, While this is true, it is also true that house prices are in fact on the rise, with latest figures showing the average house price being £213,472.
So what are the alternatives? Well, an increasingly popular living arrangement is to rent in a house share.
To show you what you could be missing out on, here are 5 reasons why a house share is better than buying.
The first thing is the time scale in which it might take you to save up for a home and then physically carry out the deal.
As shown in this somewhat overly negative Metro article, it generally takes a very long time to save and then buy, particularly if you are a first time buyer. This is of course not ideal if you are moving to a new area for a new job and need to find a home fairly swiftly.
Thankfully, house sharing is more readily available than ever, (particularly in cities) so a quick search and you’ll be able to find somewhere close to your place of work ready to move in.
Better in Cities
As mentioned, cities are particularly great for house shares. This is because in certain areas, London being the best example, buying has become almost exclusive to the considerably wealthy.
In response, there has been a huge increase in house shares and rented properties. So if you happen to get a job in a particularly metropolitan area, would you rather find a house share a 10-minute walk away from your office, or buy a home which is over an hours commute every morning?
One reason you might decide to buy is because you are looking for a long term base for your family, which makes complete sense.
However, if you are single, or perhaps have a job which sees you move around a fair amount, why would you commit to a long term base?
Perhaps your job requires you to live in different destinations for a couple months at a time, if so, a full time residence isn’t the best move.
The way in which we can sign up to house shares is better organised, yet more short term than ever if you know where to look.
Sites like Room Buddies are perfect for finding a house share to suit your needs, with every landlord having their own specifications and tenant agreements.
For example, they outline the minimum stay they need you to commit to, (be it 1 month or longer) whether you can stay there during the weekend and such.
Perhaps you already have a family home, but part of your job requires you to live away for parts of the week.
Investing in a property to live in for half the week would certainly prove too costly and ultimately wasteful. Instead, you could find a house share which would be much kinder on your bank balance.
Also, some landlords only allow tenants in their house share from Monday till Friday, which might better suit you. This is likely to be cheaper than a regular arrangement also.
While house shares aren’t for everyone, in the current financial climate where the average age of first time buyers is rising, rented house shares seem to be better fitted for many more of us.