There are a few key questions to ask yourself when debating whether you should buy or rent. To help you decide what is better suited to you, continue reading!
1# What is your budget ?
2# Do you want to stay flexible?
3# Are you looking for an investment?
#1 When looking at monthly accommodation, renting a property is actually more expensive, with the average rent being £868 and average monthly mortgage cost at £733. However they are just the apparent costs, this is excluding the costs of solicitors fees and moving costs when buying, as well as the maintenance and repair of the property which isn’t an expense for rented properties.
However there are financial benefits for buying a house, possibly the most pronounced is that your money is going towards owning a property, rather than into the landlords pocket. Additionally once you have fully payed off your mortgage, which is typically after 25 years, you will no longer have to pay these monthly costs, whereas if you were to rent you would.
2# In terms of location, if you are wanting to stay flexible renting is most likely the best option for you. It means that you don’t have to commit to a property, and can move to a new property without buying it. However if you are wanting flexibility for the appearance of your house, buying will be optimal.
When you rent you man only make very few alterations to your home, whereas if you have bought the property you can design it however you please. For many people this is the selling point for buying a house (no pun intended) as personalising a home is very important to the majority.
3# If you are on the fence as to rent or buy, the prospect of opportunity could be enough to convince you of the latter. If you can, buying a property is a great investment. Property has the potential of increasing in value, and if you came to selling it at the right time, you could make a profit. Additionally if you already own a property, you could always buy another to rent out, providing you with a monthly income.
Here at Direct Moves Estate Agents we can get you in touch with trusted solicitors to get you started on you journey of buying your home!