TMS003 To Rent Or Own Your Home

Today Damien is talking about where we live, and whether it is better to rent or own our home. Being someone who has rented, owned, and been a landlord (renting places he’s owned) Damien has been involved in a variety of different experiences when it comes to property. He’s decided to break down what he knows, so that we can make our own decisions based on what’s right for us.

In This Episode

  • Why you might or might not want to rent

  • The actual numbers behind both (with some assumptions made)

  • The perks and drawbacks of ownership

  • What Damien is currently doing with property

  • Some form of useful conclusion

The Examples:

  • Renting a place for £1000 monthly or buying a place for £250,000

  • 30 years in rented: £360,000. 30 years owning: £250,000

  • 25% Deposit at this amount: £62,500. Rent and invest? Or go ahead with buying the house?

  • Making the numbers prove your point.

“It doesn’t make a huge difference for some people, but for others it’s a massively important decision”

“The average age of a first time buyer nowadays is mid 30’s, pushing closer to 40”

“Some people don’t have £62,500 to stick into a property”

“I’m currently living in rented because it suits me from a lifestyle point of view”

“Don’t let anyone tell you what you should or shouldn’t do”