|Buying or renting a home in the UK means that you will have to spend a huge chunk of your monthly income based on your housing preference. There are several factors to analyse to decide between the two and consider what might be a feasible option for you. We will be discussing here the pros and cons of buying and renting a house. However, before you choose to buy or rent, you need an experienced estate agent to help you ease the process. So if you are looking for houses in Orpington, look for estate agents in Orpington to provide you with the best guidance.
Pros Of Buying A Home:
A cheaper option for long term
Though the upfront cost and mortgages are high, if you are looking to live in a property for an extended time, buying a home is a favourable option. For example, if you choose to live in regions like Beckenham, which has a considerable rental amount, buying a home with the help of estate agents in Beckenham will be an economical option.
Satisfaction of being an owner
Compared to rents that just benefit the landlord, paying the mortgage and being able to call your home your own is a satisfying feeling that drives most people to buy a property. At the end of a mortgage, you will have a property that is worth huge money as opposed to the rentals we pay with no returns whatsoever.
Live Rules Free
Rental homes come with a package of rules and regulations by the landlord. Naturally, you will have to comply with his wishes. You might have to refrain from doing things you like, including raising a pet, redecorating, landscaping and so on. But when you have a home of your own, you can live up to your taste in your very own property.
Your tenancy agreement may require you to move any time your landlord wishes to sell the property. The lack of stability and constant house hunting can be avoided if you have a home of your own.
Cons Of Buying A Home
Huge Upfront Cost
Paying for a deposit is the toughest part of buying a home. You will have to pay a sizeable amount to seek a mortgage and also pay other fees like stamp duty, solicitor fee and so on before being able to move in.
When you are the owner, all the maintenance costs of the property must be borne by you. It can range from fixing the toilet that is cheap, or it may be even an expensive repair like replacing the boiler. So apart from the monthly expenses, you will have to allocate money for these expenses too, which can cause you stress.
A Long Commitment
Apart from paying your mortgage, owning a home has other commitments attached to it. For example, it may not be very easy to sell your property when you require it. This might stop you from moving immediately when you want to. Also, having a joint mortgage with your spouse can lead to complications if you decide to separate in the future.
Pros Of Renting A Home
A cheaper option for a short stay:
Renting a home is an easier option if you wish to live there for a shorter period. This is because you will be paying a deposit. In addition, the landlord will be covering all the building maintenance costs during your tenancy.
Flexible To Move
Once your lease is completed or your lease includes a break clause, this will enable you to move houses pretty quickly. However, suppose you are professional, and your job requires moving often. In that case, renting a home will be a convenient option for you, considering the freedom to move anytime.
You do not have to worry about the appreciation or the depreciation of the property according to the market, as your agreed rental amount remains the same during the lease agreement.
Cons Of Renting A Home
Higher Benefits For The Landlord
The rent you pay is simply helping the landlord and have no return for yourself. But in the case of a mortgage, you will own a property at the end of the mortgage period. This is one of the huge disadvantages of renting a home.
Need To Comply With Rules
If you enter a rental agreement, you will also be accepting the rules laid by your landlord during the tenancy. This will curtail your freedom of lifestyle while living in a rented home. The landlord can raise rent every year and can even decide to sell the property.
How Do You Decide Whether To Rent Or Buy?
Finance and the time period you are looking to stay in the house are the two most important factors. If you have an adequate upfront cost and looking forward to staying an extended period of time, buying a home is the best option. On the other hand, if you do not have adequate savings for a deposit, additional costs, and if you do not intend to live there for long, it is the most feasible and economical option.