When setting up this website there were a number of suggested topics to write on and this was one such topic.

There has been so much discussion about either renting or owning a home, and which provides you with the most amount of freedom and future stability, so I though I will address these questions today.

If you are renting you will know the pain of watching your money leave your bank account monthly and the only return you see is the bank statement…

I want to correct this thinking right now. Your payment afforded you with a roof over your head, a stove and warmth in your home.

It provides you with an address and a place to call home. 

It’s where your family are, your furniture and where you are currently making memories. That payment is providing for all those things and much more.

If you are reading this from a damp flat, a cold house or building not fit for purpose… change it! You are renting and there are other properties to rent.

Of course I can hear the concerns over rent cost and how much a family can afford, but when it comes to housing your family and yourself, where you live is more important than television subscriptions and gym memberships.

There is always an alternative!

The same is true of someone owning their own home. If you no longer like the neighbourhood, then it is time to move. Look elsewhere, or engage an Estate Agent to find properties for you to visit and see.

We all have options.

Okay, so now we have the biggest concern about renting and staying put out the way let’s tackle the main question. Is owning your home the best investment on earth?

Yes and No.

First the no. If you are buying in an up market, owning your own home will cost you far more than it’s worth and will cause you to lose money later on in the short term and in increase bank charges.

My only caveat here is if you are thinking you are going to be living in the same house for the next 20-40 years or you have a notion that you will pass on your home to your children, then it doesn’t matter what time you buy.

In an up market though, you will always be on the edge of a market drop and potentially loosing thousands of your hard earned cash when it does.

When should you buy then?

When the market fits your budget or you think about a different area to stay.

You should also buy if you are looking for an investment in you or your families future. This property will mature and over time should be worth more than you paid for it later on. (Note, that this is a hope more than law and is long term generally.)

Many people, yearly make investments in homes and property that will result in extra income and a better wellbeing in their lifestyles.

When times get tight, we can always rent a room out to a student and capture a little back to help pay for the mortgage in a low patch. In the end it will all be worth it.

These are ideal situations and if you are willing to make sacrifices, they will pay off very well later on.

So why rent then?

Renting covers all the hassle you have when you own a home. You no longer need to worry if the roof needs replacing, the boiler breaks or the pipes burst. That’s all the landlords concern.

At any time you are free to make the move to a different neighbourhood and find a different place to stay.

The money you are paying in rental fees also comes with a certain peace of mind. “I only need to worry about my own stuff” thinking.

There are plenty of arguments for both renting and owning, but only you need to know what is best for you and your family.

If you are going to make it big in this world, a combination of ownership and rent is the ultimate goal. Own property which you rent out, so others can pay your mortgage.

Also remember, that when your parents bought their homes, they invested their time and money to maintain and improve the property and today they are reaping those rewards. 

Just like you will be doing today, by buying property which will seem expensive now, but in 30 years time will seem cheap in comparison.

Owning property for the long term investment is certainly a must. So perhaps a little planning on what your future holds for you will allow you to make the right decision for you and your family.

Get in touch if you would like to talk more about this topic. I will be happy to help you out.

Maurice Randall, Estate Agent, Glasgow, Scotland
Maurice Randall

Maurice is a Glasgow Based Estate Agent, working with clients to maximise the value of their homes in the Scottish property market.

Helping to sell, buy and find homes in and around Glasgow, Maurice is part of making those dreams a reality for clients wishing to move or finding their next home and offers a number of services to support and guide clients to a successful conclusion.