Renting and buying both come with their advantages and disadvantages, provide you with a place to live and require regular financial commitment, whether you rent or buy wholly depends on your age, lifestyle, goals and financial situation, if you are trying to decide which option would suit you better, we have put together a few things to consider. Let’s discuss.
Do You Want a Long- Term Commitment?
If you love the freedom of being able to move around whenever you want or have to relocate regularly with your job, renting would be the better option but if you are happy with a long-term commitment and want to put down roots, buying will make more sense for the future.
Do You Want to Make Your Home Your Own?
Renters are limited in how they can modify a property to their taste, if having a home you love and renovation is an important factor for you, buying is a great option but if you are more than happy to live in a clean and tidy home but aren’t too bothered about the style of it, renting could be your perfect next step.
Can You Afford the Responsibility of Owning?
The responsibility of owning your own home doesn’t stop when you have finalised your purchase and could require many years’ worth of investment to get the property up to scratch. Another thing to consider about owning is the unexpected costs that could arise in regards to maintenance or the structure of the property. If you rent, this responsibility is down to your landlord.
Are You Settled in the Area?
Have you lived in your area all of your life? Do you have family nearby? Are your children settled in schools? Can you see yourself wanting to move away in the future? This can have a huge impact on your decision to rent or buy. Do you want a forever home or do you want to keep your options open?
Do You Want to Make an Investment?
Are you looking to make a solid investment in your future or create a future for your family? If the answer is yes, then buying a property could be the right choice for you and will benefit you and your future generations in the property sector.
Our team can help with all aspects of property and can help advise you on the property market and weigh up the options available to you. If you would like to make an appointment, we would love to hear from you. Contact us here.