The question of whether you should rent or buy property is not an easy one to answer. Looking at this question means examining the current cultural climate, your wants and dreams for the future, and the obvious aspect of financial viability. We’re here to help you narrow these options down, to get you to think about all of the important components before you jump in with both feet.
Why Buy?
If you’re looking to put down long-lasting roots, then buying a house by getting a mortgage is a good option. Of course, buying isn’t just for the sake of long-lasting convenience. Among the many advantages of buying is the potential which a new home has for appreciation. Buy in the right place, and at the right time, and you might end up getting back more than you put in. Include other financial benefits such as tax deductions and capital gain exclusion, in which case the financial benefits become even more pronounced.
Also important is the ability to modify your home as you see fit. This modification can turn a great home into a perfect home. If you have specific needs due, for example, to a physical disability, the freedom to modify your home is a much more reliable option in terms of getting what you want and need. So, what do potential homeowners need to keep in mind before they consider putting in an offer?
“Mortgage Cloud” (CC BY 2.0) by Got Credit
The biggest issues relate to the long-term factor of home-ownership. What sort of condition is the house in? What level of repairs and maintenance are going to be required to keep it in peak condition? What direction is the community currently heading in? Will you look to resell the property somewhere down the line? How might your job stability factor in?
While many of these questions cannot be answered by anybody but yourself and hard local research, there are other issues which can be handled by professionals. This is especially true on the financial front, where services such as Trussle mortgage advice can help guide you through all necessary steps. Both for initial mortgaging and should you ever consider remortgaging further down the line, these sort of businesses can search thousands of deals to find one that works for you and your circumstances. So while buying might seem the more intimidating option, in terms of long-term stability and comfort, it is almost always the best choice.
Is Renting Right?
Often seen as an option only for the young, renting is an increasingly preferred choice for people of all ages. Renting may be limiting, but it is also cheaper in the short-term. That said, there are still key elements which renters need to keep in mind before searching out a new home.
“Rent” (CC BY 2.0) by PHOTO/arts Magazine
Understanding the important elements in renting generally involves considering how long you wish to stay. If decoration is set and not to your taste, how long can you stand it for? How close is the property to the places you frequent? How professional are the homeowners, and what is their reputation? In what state is the local infrastructure? These are just a few of the key aspects to keep in mind. In renting, you also need to pay attention to how you sell yourself. Coming in dressed like a mess will make a landlord or letting agent far less likely to appreciate you than if you appeared dressed professionally, for example.
Take your Time
The final aspect which those looking to buy or rent need to understand comes from the possibilities of moving between being a buyer and a renter. The average house price in Brighton is around £400,000, and in London it’s around £1,250,000, with rental properties often mirroring these disparities. This means that renting at first in one place can be the best option, while you put off moving to other locations until you gather some savings. This is especially viable given the modern viability of commuting for work.
Whether renting or buying, the process can be exhausting. And although, being too slow to respond can mean you miss out on the best choices, rushing into opportunities because you’re fed up might not lead to the best long-term decision.
Finding the right home is a balancing act, of paying attention but not rushing and of considering but not obsessing. At the very least, by taking things one step at a time, you can guarantee a much smoother experience for any decision you make now and anything you accomplish down the line.
