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Thursday, August 19, 2010

Why Buy A House?

Interesting article on the BBC which backs up my opinion that renting property is much better than buying...at the moment anyway.

I cannot understand why someone nowadays would want to buy a house - having to save up 25% of the value as a deposit, then having to pay a mortgage, also having to pay for furniture, white goods, upkeep of the property.

Sure there are advantages that you get more freedom to do what you want with it, but you don't have so much freedom in life, if you end up in negative equity you are stuck there, unable to move.

It is like a blind obsession of a dumb nature, in my eyes.

Sure, if buying a house was a good investment, if property prices were under-valued instead of massively over-inflated then I can see the argument.

But to me it just seems like money down the drain.