If you’re thinking about moving house, there may be options open to you. Perhaps you want to buy your first house, or maybe you’re not sure where you want to settle, and you’re considering taking on a short-term let. You may not be ready to buy, or you might think that renting makes more sense at this stage in your life. Here are some pros and cons of renting and buying to consider before you make a decision.
Buying a house is something most of us have in our DNA when it comes to life planning. The majority of us view buying our own home as a rite of passage, which comes with getting a job, falling in love, and settling down. There’s a lot to be said for buying a house, but it’s not always the be-all and end-all, so don’t worry if it’s taking you a little longer to get that deposit together or you’re not quite ready to take that step yet. If you’re a homeowner, you’re investing your money into something that will hopefully appreciate over the course of the time. You have a tangible asset, and you could end up making money when you choose to sell up, and move on. There’s also the achievement of buying your own house and the freedom to do whatever you want to it.
There are multiple advantages to buying, but there are also downsides. As a homeowner, you can just ring a letting agent like Houseen if things go wrong and report the problem to the landlord. If your water heater is on the blink, you’ll have to cover the cost of repairs. The process of buying and selling houses is also much more complex and time-consuming than signing a rental agreement. It’s also harder to move if you do decide that you don’t want to stay. With renting, you can sign a contract for 6 or 12 months, and this means that you have more flexibility.
The rental market is booming, as more and more people struggle to get onto the property ladder. When you rent, you may not have the option to decorate a house how you’d like to, but you won’t be liable for the cost of maintenance or repairs. You can also sign short or long-term contracts to suit your lifestyle, and you can move without having to save thousands for a deposit. You may end up paying more when you rent, and some people describe it as ‘dead money,’ but you won’t need that up-front lump sum you’ll need when you buy a house. You also won’t be tied into a mortgage for years to come.
If you’re considering moving, you may be weighing up your options. There are pros and cons of both buying and renting, and often one option will suit one person much better than another. Think about your circumstances, your finances, and what you hope to achieve in the next few years. If you’ve got money saved, and you’re ready to put down roots, buying makes sense. If you haven’t got a deposit and you’re looking for a more flexible setup, renting could be the best choice for you.