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To Rent Or To Buy - Miller Homes Has The Answer





Posted by Editor on 22nd December 2011 at 03:33 PM
To Rent Or To Buy - Miller Homes Has The Answer
Advertorial

With surging demand for rental properties pushing monthly rents up beyond what you’d ever expect to pay on a mortgage, now is the time for would-be home owners to make their move to purchase a first home.

Not only could they be paying on average of £100 less a month with a mortgage – according to the latest Halifax Buying versus Renting Review – but they will be in control of their financial future while enjoying the freedom and security home ownership brings.

According to Halifax, a typical rent for a two-bed home in the UK has risen to £677, compared with a mortgage of £567 for the same size property – a saving of £110 or around 16 per cent.
Michaela Lancaster, sales and marketing director of Miller Homes offers a comparison between renting vs. owning a new home:

"Consider why owning a new home of your own is better than paying rent:
1. When you rent your monthly payment goes straight in to your landlords pocket.
But when you own your monthly mortgage payment builds up an equity nest egg in your home.

2. When you rent you have no return on the investment you make.
But when you own you could see the value of your home rise - on average house prices in the UK have doubled every ten years.

3. When you rent your monthly payment could increase at short notice based on the markets going rate.

But when you own on a fixed rate mortgage your interest rate remains the same for the life of the fixed rate period, giving you the peace of mind you need to control your monthly payments.

4. When you rent your home is not your own - its not your style, its not your decor, its just not you.

But when you own you can decorate, improve, extend to suit your lifestyle. You even have the freedom to keep a pet!

5. When you rent everything could be used; used carpets, used bathroom, used kitchen, used appliances. Do you want someone else's problems?
When you buy new everything is new - new kitchen, new bathroom, new energy efficient appliances with new warranties.

So is renting better than owning? The choice is yours to decide, but new home prices are on the rise and may never be lower than they are right now."
With interest rates at an all-time low and a good choice of incentives offered by Miller Homes, the advantages of owning a new build home rather than renting could not be more clear.
Many would-be owners assume that buying a home is out of their reach, but Miller Homes offers a range of buying incentives that show just how easy it is to be a homeowner without having to find a large deposit. Schemes designed to make buying more affordable include the Government-backed FirstBuy scheme where buyers pay just 80% of the asking price but still own 100% of their new home. The balance is provided by an equity loan jointly funded by Miller Homes and the Government and repayable over a 25-year term. The loan is interest free for the first five years and reduces the amount of deposit required. The scheme can also reduce the monthly mortgage payments.
Another incentive from Miller Homes is the MiMATCH Deposit Match scheme. This will double the deposit of home buyers that have begun to save, up to five per cent of the price of a new home
Remember too that for first time buyers, the one per cent stamp duty holiday ends on 25 March. This means that properties priced between £125k and £250k will cost from £1,250 to £2,500 more after the deadline.

Call in or contact your nearest Miller Homes development today and they will compare the renting vs. buying prices in the area. You might be pleasantly surprised!

Visit Miller Homes Unity Quarter in Kersal for full details of new homes and incentives available. The marketing suite is located off Oaklands Road, M7 3GP. It is open Thursday to Monday, 10.30am to 5.30pm. Phone 0800 840 8533, email: unityquarter@miller.co.uk. Website www.millerhomes.co.uk


Photo: Michaela Lancaster, sales and marketing director of Miller Homes

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