Should I Rent Or Buy A House?
If you’re thinking about moving home then one of the questions you may be asking yourself is “should I rent or buy a house?”. It’s an age old question, and one that doesn’t have a right or wrong answer. Whether you’re a first time buyer or have been on the property ladder previously, ultimately, the decision comes down to personal circumstances and preference. That being said, in order to help you answer the question of “should I rent or buy a house”, it does help to consider the following key factors:
Cost
When asking yourself “should I rent or buy a house”, one of the most important factors you need to consider is cost. Buying a house involves lots of upfront costs including a deposit, mortgage fees and stamp duty. So, before you consider buying instead of renting, make sure you have enough money behind you to pay all the upfront costs and then your monthly mortgage rate on top of your other living expenses. Renting a property is cheaper in the short term, however if you plan on staying in the property for a prolonged period of time, bear in mind that you’ll be paying money to a landlord, that could potentially be saved to put down a deposit on your very own property.
Short Term Vs Long Term
How long are you planning to live in the property for? This is an important question to ask yourself when deciding “should I rent or buy a house”. As a general rule of thumb, renting is better for short term accommodation, whilst buying a house is more of a long term commitment. Buying a house is a big commitment, and so you want to make sure that you’re planning to live there for a reasonable period of time. However if you are definitely planning on living in the house for a prolonged period of time then it’s definitely more economical to buy rather than rent.
Flexibility
Another important factor to consider when deciding “should I rent or buy a house” is flexibility. As we mentioned previously, buying a house is a big, long term commitment. Renting on the other hand, provides you with a lot more flexibility to move house once your lease expires. You’ll often have the option to choose between short term or long term leases as well. So, if you don’t want to stay in an area permanently or need to move around regularly for work, then renting is likely to be a better option for you.
Ownership
The great thing about owning a property is that you call the shots completely. When living in rented accommodation you’ll be restricted in terms of making the property your own. For example, you may not be allowed to have pets, and you’re unlikely to have the freedom to decorate. On the contrary, if you own a house you can decorate and treat the property however you choose. You’ll also have a greater sense of stability being in control of your accommodation, as when you’re renting there is always the risk that the landlord may ask you to leave the property once your lease expires.
Maintenance
When thinking about “should I rent or buy a house”, it’s also important to consider maintenance responsibility and cost. If you own a property then you’ll be responsible for paying for any repairs and maintaining the property’s value. It’s estimated that homeowners spend around 1% of the property’s value every year on maintenance costs. The benefit of renting is that you won’t have to pay for any maintenance costs as this will be the landlord’s responsibility.
Hopefully these tips will help you decide “should I rent or buy a house”. When you are ready to make the big move, Hackworthy & Sons will ensure moving day runs as smoothly as possible for you. Get in touch for more information or request a quick quote online.
