How to Decide Between Buying and Renting

You need somewhere to live but how do you decide if you should rent or buy their property outright; read on for more information.

If you are looking to move into a new property then let us start by saying congratulations to you; moving can be a very exciting time indeed. There are many different reasons why you might be moving and some of these include:

• Moving out of parents house
• Couple moving in together
• First time buyers
• A new addition to the family and therefore need to up size

Whatever the reason for your move you’ll probably be left with the dilemma of: ‘should I rent or buy my home?’ This has been a long fought debate for many, many decades now and you may even be struggling on the best decision for you and your needs also. Today’s blog covers the pros and cons of both so you can make an informed decision.

To rent

Let’s get started on talking about some of the aspects of renting your property instead of buying.

A fantastic reason to rent rather than buy is the fact that you have the freedom to move to newer properties much more freely. You’ll be freer to travel around and see a lot more of the places that you love. You also have the ability to rent properties that are way out of your price range in terms of buying the property via a mortgage.

On the downside your landlord can ask you to leave (with due notice), you might not be allowed pets and if anything breaks you may have to wait do without certain facilities while your landlord takes care of the repairs.

Ultimately you may actually be restricted to renting if you don’t have enough savings to make up the deposit to buy. However if you can gather the funds to buy then consider the following advantages and disadvantages.

To buy

One of the main advantages is the savings opportunity which comes with putting your money into something as solid as a house which you can even pass onto your children or use as your retirement fund. In fact your mortgage repayments may be less than your monthly rent.

Another positive reason is the fact that the property is yours and you have the ability to transform your house in however you see fit (within reason).

If you need more advice on whether to rent or buy our friendly team is on hand to help. Find your nearest agent to discuss your options.