Differences between renting and buying
Housing costs
| Renting |
Buying |
|
Your Homes Newcastle are committed to keeping rents
affordable.
|
Mortgage payments can be higher than renting and can change
depending on the type of mortgage you have chosen. If you do not
keep up to date with your mortgage payments you may lose your
home. |
| Your building insurance is covered as part of your rent
payment. You can choose to have your Contents insurance through the
Council. |
You will need to arrange your own buildings and contents
insurance if you are buying a house or bungalow. If you are buying
a flat you must have your buildings insurance with Newcastle City
Councils chosen insurer. You will have to organise your own
contents insurance. |
Housing Benefit
| Renting |
Buying |
| If you are on Income Support or on a low income you can claim
housing benefit which may help towards paying your rent. |
If you buy your house you will not get housing benefit. Even if
you are on income support you will not get any help toward the cost
of the mortgage repayments. If you have been receiving income
support for thirteen weeks you may qualify for help but only toward
the interest on the mortgage. If you do not keep up to date
with your mortgage payments you may lose your home. |
Repairs
| Renting |
Buying |
| The cost of repairs and maintenance is covered by your
rent |
You are responsible for the cost of repairs and maintenance of
your home. These can be expensive.
If you buy a flat or maisonette you will be charged a share of the
costs of any works done to the exterior and structure of your home.
These can be high and you must pay them. |