In an age where the property market fluctuates on a weekly basis, it can sometimes be near impossible to decide whether or not you should rent or buy your next house.
There are, of course, pros and cons to both and there’s no right or wrong option, it all depends on your circumstances, finances and plans.
To help give you some food for thought, we take a look at the benefits of both renting and buying properties…
Investment: Buy in an up and coming area or improve the house itself and you could make a large profit when it comes to selling.
Save money: Although the initial deposit (see our full article on house deposits) may be a large sum, monthly mortgage payments are usually much less than the average rent.
Personalise your property: You can really make your house feel like a home by decorating and hanging pictures. With most rented properties, you’ll need the written consent of your landlord to put so much as a pin nail in the wall.
No big fees: Aside from the initial deposit (normally six weeks rent) you’ll avoid the big costs associated with buying, such as stamp duty and surveys.
Financial commitment: Renting is less of a commitment than buying, with most rental contracts lasting a year. This could, therefore, be a more suitable option if you travel a lot or are unsure of where you want to live.
Maintenance costs: If the boiler packs up or the pipes burst, your maintenance costs are usually covered and are fixed by the landlord.
Less flexibility: Life can be unpredictable so you can never really be too sure what’s around the corner. Owning a property may hold you back on your bigger plans.
So if it is security, a proper home and settling down you are after – buying is a great option. If it’s flexibility you are after and you’re not ready for the big investments or responsibilities, then renting is the way forward!