A recent buyer explains why long-term plans, family stability and the real costs beyond the deposit shaped his decision, while warning that homeownership is not automatically right for everyone.
By Kehinde Olofintuyi | Pentacept Reporters
For many people in the United Kingdom, the argument over whether to rent or buy is often reduced to a simple question: which option makes more financial sense? But for one recent homeowner in Wales, the decision involved much more than comparing a monthly mortgage payment with rent.
Evans, Finance Dissected Expert, told Pentacept Reporters that he and his wife approached the purchase as a long-term family and financial decision.
“The biggest question I asked myself was: will I still be in this country for the next 15 to 20 years?”
Once his answer was yes, buying began to make sense for his circumstances. He wanted his child to grow up with a place that felt permanently connected to childhood, friendships and family memories.
He and his wife also looked beyond presentation when choosing the property. Instead of prioritising a house that appeared perfect at first sight, they selected one that needed some work but was, in their assessment, in a good location with stronger underlying value.
Only a few months after moving in, he said the property’s estimated value had risen and increased their apparent equity. That estimate has not been independently verified by Pentacept Reporters and may change with market conditions or a formal valuation.
The costs that sit around the purchase
The deposit and mortgage were only part of the expense. Solicitors’ fees, mortgage costs, surveys, searches, moving expenses, insurance and repairs all added to the amount needed to complete the purchase and settle into the home.
One of the most difficult lessons came before the successful purchase. He previously progressed to the final stages of buying another property, but the transaction collapsed after he had already spent money on the process.
“Don’t just budget for the deposit. You need money for the process of buying, and some of it could be spent even if you don’t get the property.”
His experience reflects a wider risk for buyers: money paid for surveys, conveyancing work and searches may not always be recoverable when a transaction falls through. MoneyHelper advises buyers in England and Wales to budget separately for conveyancing, surveys, mortgage valuations and other completion costs.
Can you afford the house, not just the mortgage?
The transition from tenant to homeowner also changed who was responsible when something went wrong. A renter can usually report a fault to a landlord. A homeowner must organise and pay for repairs, replacement and ongoing maintenance.
“Don’t just ask yourself, ‘Can I afford the mortgage?’ Ask yourself, ‘Can I afford the house?’ Those are two very different questions.”
He deliberately avoided putting every available penny into the deposit, leaving some financial breathing room for work on the property and unexpected expenses. If he were buying again, he said he would place even greater emphasis on a strong emergency fund and a dedicated first-year homeownership budget.
Renting and investing can still be sensible
Despite choosing to buy, he rejected the idea that homeownership is always financially superior. A disciplined renter who secures reasonably priced accommodation and consistently invests the difference could still build significant wealth, he said.
In his own comparison, renting a similar property in the same area would have cost about £250 more each month than his current mortgage payment. This was a personal estimate based on his local research and does not include every ownership cost, such as maintenance, insurance, fees or interest over the life of the mortgage.
He also noted that renters are not necessarily insulated from wider interest-rate pressures because landlords may seek to reflect higher financing and operating costs in future rents. Even so, he said buying may be unsuitable for people who expect to move within a few years, have unstable income or would be left without emergency savings after completion.
‘Don’t let somebody else’s timeline become your plan’
For renters who feel pressured by friends, relatives or social media, his advice was direct: do not allow somebody else’s progress to dictate a major financial commitment.
“The goal shouldn’t be to get on the property ladder as quickly as possible. It should be to make a decision that strengthens your finances over the long term.”
Before choosing, he suggested asking where you expect to live in five, 10 or 20 years, what you can genuinely afford, what alternatives are available and which option fits your personal circumstances.
For him, purchasing a home in Wales was the right decision because he expected to remain in the country for the long term, had considered the numbers and accepted the responsibilities attached to ownership. His experience, however, points to a more nuanced conclusion in the rent-versus-buy debate: the right answer is not universal.
Useful official guidance: MoneyHelper’s buying and moving cost guide and Welsh Government Land Transaction Tax guidance.
Editorial note: Evans’ personal figures, property-value estimate and comparison with local rent are attributed to him and have not been independently audited. This article is for general information and does not constitute financial or mortgage advice.
