Buying or renting a room abroad
Hi, do you think it is cheaper or better to rent a room as an international student in the UK or to buy a small apartment?
- 2 Replies
It depends on various circumstances, e.g., the length of your course, your immigration status and history, and your finances.
If you plan to do just a one-year course, renting a room may be advisable. However, if you are going to do a PhD or an undergraduate degree for four years, buying an apartment/flat could be an option.
If you are planning to study in London, purchasing a flat will be more expensive. But buying a flat could be the best option if you study in cheaper cities outside of London, e.g., Preston, Newcastle, Hull, and Lancaster. It might cost at least £50,000 to buy a one-bedroom flat.
The advantage of buying a flat is that you can sell it after completing your course for the same money you purchased it, or it could be sold for a profit in most cases.
If you cannot immediately afford to pay a lump sum for a flat, a mortgage might be an option, but the bank interest rate could be very high, possibly up to 6.5%, and most UK lenders/banks won’t likely give you a mortgage loan since you are on a student visa with no full-time job income.
As you can see, it depends on various circumstances, but if you intend to buy a flat, a mortgage will be difficult to get unless you are paying for the flat in one sum.
That’s interesting. I always wanted to buy an apartment where I live in Nottingham as a student, but it is also nice to live in student areas with other students.