Have you found yourself considering whether to rent or buy in 2018? If so, our estate agents in Leicester can help you decide with a handy guide to the benefits of both.
Owning your own home is a huge commitment to make, one which can be incredibly satisfying and financially rewarding, but also something which requires a great deal of thought.
In addition, there’s the less permanent alternative of a rental property to consider – a great solution if you want to live in a certain area, but can’t afford the house prices, or aren’t sure how long you want to stay.
There are many factors which go into making a home a home, but if you’re looking for a dream place, choosing whether to go for ownership or rental is an extremely important decision.
Renting vs Buying
So, which do you choose? There are pluses and minuses to both renting and buying, but ultimately, when you buy a property, you’ll know it’s yours for as long as you want it. And that’s a big plus point.
There are also lots of other benefits to buying a property and getting a mortgage:
- With a repayment mortgage any payments you make go towards buying the property, instead of to a landlord.
- You’ll end up with a place of your own once the mortgage term is over.
- There’s a chance to make a profit if house prices are on the rise in the area.
- You aren’t bound by a tenancy agreement and can make your own rules, for example, whether to have pets or change the decor.
- You can make big changes to the property, such as building an extension, without having to ask a landlord and you’ll also profit from the added value it creates.
- Having a mortgage can often be much cheaper than buying, depending on the size of your deposit
There are also a few benefits to renting a property – the main one is that you aren’t bound by such a huge commitment and it’s a much easier process if you decide to move on.
If you have a mortgage with someone else, this can also be harder to take on on your own than a rental property, should you decide to separate. Then there are all the maintenance and repairs that won’t be covered by a landlord if you choose to buy.
Buying a property in Leicester
There are many things to consider when buying or renting a property, but ultimately it comes down to doing what’s right for you.
Buying can give a feeling of permanence and reassurance that is perfect for those looking to lay down roots and create a family home for the long term. However, renting is easier when you like to move around.
If you’re thinking of buying in Leicester, then the first step is to figure out whether you can afford it – and there is a lot more to consider than just the mortgage and whether you’ll be able to make the monthly payments.
It’s important to bear in mind the initial costs of surveys, stamp duty, moving costs and conveyancing fees, not to mention any maintenance that might be needed over time.
Contact us about buying or renting today
If you would like to find out more about buying a property in Leicester or renting somewhere special, contact us today.