Renting v Buying: what’s right for you?
Buying a house is one of the biggest decisions you’re likely to make. It’s not just a big decision in terms of expense, but also the extra responsibility that goes with home ownership. We have a few things you should take into consideration when you’re making your big decision.
Pros to Renting
Flexibility: If your circumstances change and you need to move, it’s much easier to end a lease than it is to sell a house. Renting affords you the flexibility of not being tied down anywhere for too long.
Affordability: When renting all you have to worry about it your rent and your bills. If the roof blows off or if someone upstairs leaves the bath running it isn’t your responsibility to pay for the damages. If you’re not in a position to pay for unexpected repairs, renting may be the more affordable option.
Cons to Renting
WYSISYG: When you move into a rented flat it is very likely that it will look the same the day you move out as the day you moved in. Landlords may be reluctant to let you decorate or do any work to the property as there is no guarantee you’ll be there very long. You better learn to love that feature wall in the living room you’ve hated since you moved in!
Comparative cost: Sometimes rent can actually be more expensive than a mortgage. You have to balance up the cost of paying a deposit and maintaining a property with the amount you could potentially save buying a house.
Pros to Buying
You’ll own it one day: Every penny you pay towards your mortgage brings you one step closer to owning your home, meaning you won’t have to worry about where to live in the future.
Make it yours: You can decorate and fix up your house any way you like (within reason) and make it yours, which can be a fantastic feeling. It also means any superficial damage which may have lost you your deposit in a rented flat can be repaired at your leisure and probably much cheaper.
Cons to Buying
Responsibility: Owning a house is a big responsibility- every aspect of it, including maintenance, repairs, and taxes, will be down to you. You must be financially (and mentally) prepared to deal with anything that may arise.
Lack of flexibility: Unlike renting, if you decide to move out of a house you own it requires a great deal of effort. There are solicitors and estate agent fees to pay, removal costs, finding a buyer and so on. It’s not just a case of moving your stuff, unfortunately!
These are just a few of the things you should take into consideration when deciding whether to rent or buy a property. Whatever decision you make, just make sure you can afford it! When you’re searching for your new home on Lettingweb we give you the true cost of renting, so you’ll be able to tell straight away if you can afford your (potentially!) new home.