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Should You Rent or Buy?

29-January-2021
29-January-2021 12:49
in General
by Admin

A lot of people ask themselves “rent or buy?” it’s not an easy choice and is an important financial decision especially if you’re looking to buy a property.

Here are some things to consider to help you decide.

Mortgage Vs Rent

Benefits:

Once you’ve paid off your mortgage, the home will be yours and you don’t have to worry about paying for somewhere to live. It can also be passed down to your children and become their family home or inheritance.

Your home could also increase in value, if you go on to resell and downsize you could end up with a nice bit of cash to keep you comfortable, especially for retirement.

You can also improve your home as much as you want without having to ask a landlord.

Sometimes buying can work out cheaper than renting in the long run.

Cons:

It’s a big commitment, you need to make sure you have the finances to purchase a home.

Do your research and be prepared, if interest rates rise you could end up having to pay more.

Depending on the market, selling your home may not always be the best option. You also need to be aware of maintenance costs, as a homeowner if anything breaks or needs repairing you need to cover the cost.

If you buy in a relationship and that ends it could be complicated.

The value of your home could fall, and you could lose money.

Can You Afford to Buy?

You need to work out if you can afford to buy a home.

You’ll have to pay for the following:

-          Deposit

-          Survey cost

-          Stamp duty

-          Removal costs

-          Legal costs

-          Monthly bills

Finally, if you’re thinking of buying, it’s worth looking into what government schemes are available as you may be able to get help.  

We hope this gives you a bit of an idea if buying is the right choice for you!

If you need property advice, our team will be happy to assist.

You can contact our Ashford or Staines branch here.