Mortgage or Rent? Your Decision

Hi BNC members! I have a interesting decision for you. If you were buying a house, would you mortgage (so  you put a deposit down and ask the bank for money) or would you rent (paying money to live in that house to the land lord). I would love to know what you think.

Sparnosaur12

4 Comments

  1. Good question, Sparnosaur12! One difference to be aware of: if you rent your home and pay your money to the landlord, you don’t own the house. You’re just allowed to live there as long as you pay (think of it as a bit like a long term hotel). Whereas if you have a mortgage, you’ve borrowed the big chunk of money from the bank and you pay them back. But, you’ll only really OWN the house when you’ve paid them back ..this usually takes more than 25 years! Olivia

  2. St Gregory's Catholic Primary School St Gregory's Catholic Primary School

    I would rather mortgage a home than rent a home because if I rented a home then I would have to pay EVERY MONTH BUT….. if I mortgage a house then I don’t have to pay as much as I rent a house!

    by unicornburger

    • Hi unicornburger! If you have a mortgage you pay off money to the bank every month. Sometimes, a mortgage can be more expensive than rent! This depends where you live and how much the house you have bought cost. It’s all a bit complex but the point from Loyalwolf below is a good one to add to your decision! Olivia

  3. St Gregory's Catholic Primary School St Gregory's Catholic Primary School

    Well another intresting fact to add is that if there is a problem in the house that is not your fault eg a faulty oven then it is your landlords responsibility to fix the problem whereas if you own your home you have to pay to fix the problem.
    Loyalwolf

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