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Buying A House Rather Than Renting Could Save You £194,000

June 19th 2012
By: Melanie

Latest research by Barclays reveals that buying rather than renting could save households over £194,000 over a 50 years period.

Their research shows that over an average of a person’s lifetime, buying a property, paying a mortgage and maintaining a home costs about £429,000, but renting a home over the same period would cost £623.00.

Although the initial payments of a mortgage are higher, as well as the outlay costs of finding the money to pay for the stamp duty, solicitors fees and so fourth, once the house has been paid off over 25 years, they will stop having to pay the mortgage, where as someone renting, and according to Barclays will increase the advantage of owning over renting to £525,000 according to the bank.

However these figures do vary enormously from region to region, so if you are trying to decide whether to buy or rent why not contact your local branch of Intercounty and one of our team would be more than happy to work out the best solution for your individual needs.

Source: myfinances.co.uk