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Choosing Whether to Rent or Buy a Property

ByDave Stopher

Jul 22, 2020 #property

No matter whether you’re renting or buying, the desire to have your own home is a common one. It may be that you’ve always dreamed of owning your own home, or perhaps renting is more suited to your circumstances and budget. There are many things to consider when trying to establish which is the best option for you. Here are the benefits of both options, and an outline of the key points to think about when making your decision.

Pros of Buying a Home

  • It’s Yours

This goes without saying, but when purchasing a property, the home is therefore yours. You don’t have to worry about a landlord or anybody else making the key decisions.

  • It’s an Investment

Whether you’re looking for a substantial home, or if you’re buying with the intention to sell and make a profit, buying a home is a good investment. You stand to make money when you sell, especially if you’ve made substantial improvements.

  • It Allows More Freedom

When you’re buying, you don’t have to adhere to any of the rules and regulations set out by the landlord, who may have very specific requirements, such as allowing certain behaviour, pets or more.

  • You Have the Support of the Government

Perhaps one area of homeowning which has put you off is the prospect of saving a high deposit. However, there are now helpful options for you, such as help to buy new builds, wherein the government contributes a portion of your deposit in order for you to make the investment. This is extremely helpful for those who may struggle to save a deposit otherwise.

Pros of Renting a Home

  • It Requires Less Commitment

If the idea of owning and paying for a property long term isn’t appealing to you, then renting may be the preferable choice. You can end your contract at any time in line with the terms and conditions.

  • You Aren’t Responsible for Repairs

If anything goes wrong in a property which isn’t your fault, such as a faulty boiler, leaks or damages, you’re not responsible for paying for it: the landlord is. This can be helpful for those working on lower budgets or without savings.

  • It’s Usually Quicker

If a rental property is free, you could often be in the property within a week, all going smoothly. You don’t have to wait for evaluations, mortgage meetings or be stuck in a buying chain.

Tips for Both

No matter what you choose to do, the following tips will help for both situations.

  • Make sure you have enough savings. You’ll need savings when you first move in for initial bills and also for furnishing your new home.
  • Do your research. Whether it’s buying or renting, you still need to find the perfect home for you within your budget.
  • Don’t rush in to anything. Be sure to take out the relevant viewings, read the terms and conditions and get second opinions.
  • Consider your lifestyle. When trying to find the perfect home, make a list of key wants and needs, and what type of property would be best suited for your lifestyle.

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