Today is

By: Ikedi Ani-okoye

Choosing a home

Renting

Advantages

Unaffected by interest rate rises. Short-term commitment makes it easier to move home. Property maintenance is the landlord's responsibility.

Disadvantages

No equity benefit from the growth in property value. ~ Short term nature may not give a Feeling of secured housing. Inability to fix rental cost for more one year usually.

Purchase with parent help

Advantages

A deposit for the property may be provided. A better property may be affordable. ~ A better choice of mortgage may be available. Benefit of equity growth if property price increases.

Disadvantages

Not all parents are in a position to give financial assistance. The 'help' may need to be repaid. You may not feel you are truly independent.

Buying with friend

Advantages

Two incomes can be better than one. Monthly payments can be shared. Benefit of equity growth if property price increases.

Disadvantages

Your finances may not be equal. You may not wish to stay in the property for the same length of time. Will you always be friends?

Buying with a mortgage

Advantages

No deposit funds needed. Benett of equity growth if property price increases. Any existing cash can be used to set up the home rather than as part oi the purchase.

Disadvantages

Limited number of mortgage providers. You could owe more than the value of the property (negative equity) if the property price does not increase. Higher monthly mortgage payments as the interest rate could be higher and amount borrowed is greater due to no deposit funds being provided.

CONCLUSION

The big question is which of these is the best option? The answer is whichever is most suitable to your circumstances. financial situations, housing needs and opportunities vary Com person to person. To find the best option, a close examination of the full range of possibilities is necessary to come to the correct decision. Check out rental prices in your area, talk with family members about any help that may be available, contact the housing associations in this magazine and take quality mortgage advice. And then, be prepared to put in the effort that is needed to find that all important first home.