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Pros and Cons of Renting v Buying Property

Posted by Emma Johnson on February 22, 2019
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A few decades ago it seemed every twenty to thirtysomething aspired to owning their own pile of bricks and mortar. But that was when the property market was a very different country. Then it was possible to go into a bank or building society and emerge with a mortgage four times (even five times, in some cases) your salary. It was easy, frankly. And the property market went like a fair as a result.

Today, not so much. In a 180-degree turn around it’s now practically impossible to get a mortgage – even if you do have a great job. Don’t have £20,000 to put down as a deposit? Then you’re out of luck, mate. Not surprisingly today’s youth are adopting a more continental approach to the property market ie choosing to rent rather than buy. Of course, many don’t have the choice. But, if you did have the luxury of choosing, would you buy?

Here are our advantages for both options. See what you think:

Buying a Property

  • You’re not going to come home one day to find a letter telling giving you notice to leave because the owner wants to sell
  • It’s up to you if you want to knock down a wall, put in new windows, get a new kitchen etc
  • All the time you live there and pay off your mortgage you’ll be saving cash in the form of equity
  • Want a cat or even a dog? Go ahead; there’s no one can stop you because it’s your house

Renting a Property

  • If you’re offered a job abroad or elsewhere in the UK then you can hand in your notice and leave. Just like that.
  • If water starts leaking in the roof or the washing machine goes on the blink then you don’t have to pay to get them fixed. The landlord does since it’s his or her property.
  • Provided you’ve enough to pay the rent, you can live somewhere gorgeous that you could never afford to buy

And now here are the disadvantages for both:

Buying a Property

  • It could take a number of years to save up for that deposit, and would mean forsaking holidays abroad when all your mates were going.
  • If anything goes wrong with the building or a spring suddenly pops out the mattress then you’re responsible for the repairs and replacement. And it probably won’t be cheap.
  • Thinking of leaving the country? Then you’ll have to either rent out your property or sell it. Either way it’s going to take hours of sorting out, and it won’t be free.

Renting a Property

  • You’re effectively paying off someone else’s mortgage (the landlord)
  • It won’t ever feel permanent. You may have to leave with just three months to find somewhere else if the landlord decides to sell or get someone else in
  • Getting the heating fixed probably won’t be as much a priority for the letting agent or landlord as it is for you. You may need to do some chasing up.

Whatever you choose to do, remember you’re allowed to change your mind. You may, for instance, meet a partner and decide to buy together because it’s more affordable. Or vice versa, you may just decide that the responsibility of owning a property is not for you. There’s no right or wrong here, just personal preferences (and, of course, affordability).

If you’re looking to buy a house and looking for help then get in touch with the team on 0333 577 0733 or send us an email to info@isellproperties.co.uk.

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