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Buying vs. Renting a Property: What is Best?

If you’re thinking of moving house, you may be wondering if the time has come to buy a property, continue renting, or make the switch from a homeowner property to a rented home instead. Knowing whether buying a property or renting one is best for you is a hard decision to make. To help make that decision, here are a few pros and cons of each.

Buying a Property – Pros

Freedom

When you buy a property, you have a lot more freedom in the decoration and alteration of it. Applying for planning permission is easier, and the interior and exterior of your house can be designed and decorated to really reflect your personality and style without worrying about safety deposits.

Permanence

Owning your own place allows you to put down roots and grow in your community. There is a sense of permanence,which can be comforting, especially if you are considering starting a family.

Mortgages

Applying for a mortgage for the first time can seem intimidating, but there is plenty of support available to you. Getting a mortgage is a huge step in making homeownershipmore financially viable for the majority of people, and there are plenty of types and plans to help you decide which is best for you.

Estate agent support

Using an estate agent will make the process a lot simpler, cost-effective, and will ensure that you are getting the highest level of service and support. Agents like robertoandco.com even help with renting, so they are a great choice, regardless of whether you choose to buy or rent.

Buying a Property – Cons

Cost

Buying a house is often one of the costliest investments a person makes in their lifetime, and therefore may not be financially suitable for many people.

Inflexible

If you are not sure how long you may be in an area, buying a house can tie you to it for a very long time. It’s perfect if you want to settle down, but if you enjoy moving around or aren’t sure where you want to be living, buying a home may keep you in one place for too long.

Renting a Property – Pros

Flexibility

Renting is a great choice if you move around a lot or want to see what an area is like before buying a house there. With shorter contracts and no mortgage to pay off, you are able tocome and go more freely and aren’t tied to a property for a long period of time.

Personalised

When you rent a property or even just a room, you can find something that suits your needs. There would be no point renting out a whole house if you only need a room for 6 months, and it would not be cost-effective to purchase a house or a flat in this situation. 

Cheaper

Whereas owning a house may be cheaper in the long run, renting means you do not need a mortgage, and often rent is paid monthly along with bills. This allows you to keep track of your spending and maybe even negotiate payments with landlords or housemates.

Renting a Property – Cons

Landlords

There are plenty of great landlords around, but there are also a lot of horror stories. Dealing with landlords can lead to repairs taking longer, as everything needs to go through them or sudden increases in rent or bills. 

Inflexible

Often when renting, you pay a security deposit, and any repairs or damage that need to be paid for are taken out of this. This means you may not get the full amount back when you leave. You are also less able to redecorate or make any changes to the property, as it is not yours to alter and needs to be in good condition for the next tenants. 

These are just a few pointers to consider, and hopefully help you decide which is more suitable for you!

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