Tuesday, August 4, 2009
Category:
Property
According to research conducted by The Nottingham, buying a property in the East Midlands is considerably cheaper than renting one, and could result in thousands of pounds worth of savings in the long term.
The Nottingham has revealed that average monthly rental costs in the East Midlands are defying national trends by increasing to £633. With regard to buying a home in this area, research shows that the average benefit is over £13,000 during the course of 25 years. This is because a home to the value of £80,000 could mean monthly mortgage repayments as low as £508. Consequently, despite deposit and maintenance expenses, it is reported that homeowners would save in excess of £500 annually.
"It's a common belief that renting is cheaper than buying a house," explained The Nottingham's Rachel Slack. "But as our research demonstrates, this is not the case in the East Midlands.
"£13,000 is a big saving, particularly in the current climate when every penny counts and I would urge people considering renting to come into one of our branches and check out the affordable properties we have just waiting to be snapped up across Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire."
"Not only could you save yourself thousands in the long term but also setting yourself up for your future. The real benefit of buying your home over renting comes when you've paid your mortgage off, typically in 25-30 years time and can enjoy your retirement in comfort and living rent free."
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New homeowners that are lacking the funds required to put a personal stamp on their property could investigate the possibility of taking out a secured loan to make
home improvements. One of many finance options available, a secured loan for home improvements could pave the way to that dream property. This could involve embarking upon a particular design style, greater space by way of a property extension, or perhaps a landscaped garden for spending those long summer days in. A secured loan for home improvements could also be used to redecorate a property throughout or adding a new kitchen or bathroom.
