Should you buy or rent?
Deciding if you should buy or rent a property is a common issue, with no right or wrong answer. As you can imagine, there are pros and cons for both. Here are a few things to consider before you decide what road to go down.
Buying a property is generally seen as more cost effective. However, with house prices rising the gap between the cost of buying and renting is narrowing. But with low interest rates keeping the cost of mortgage borrowing down, people looking to buy a property could see this as an incentive for buying rather than renting.
You should also work out what you can afford and what you would feel most comfortable with. Owning a property through mortgage repayments means you have a valuable investment, rather than paying a landlord and not owning the property. Even though the value of your property can fluctuate, at the end of the mortgage term you will own the property.
Some people have other priorities, they may want to invest in other things or spend their money in other ways. So renting a property is ideal and suits their immediate needs. You should ask yourself, how important owing a property is to you.
Owning a property also means you are able to make any adjustments you want when you move in, this does mean you have the financial responsibly when it come to the maintenance. If you are renting, the landlord will be responsible for maintenance on the property.
If you are renting or buying a property you will need a household budget for both. You will need to be able to manage all the costs of running a home, including any unexpected costs that may occur. You will need to make sure the mortgage repayments or rental cost are manageable and allow you to pay of everything else.
Also, a great aspect of renting is that it allows you to try living in different areas to see which ones you prefer. If you are happy to move on and try new locations, renting can be a great way of testing an area prior to making a commitment to buy a property.
Thinking of buying or renting? Check out our website here and view our latest property listings.
We have been in the business of selling and letting property in Surrey and Sussex since 1953, making us one of the longest established estate agents in the area. So, whether you are looking to buy or rent a property, our team will be more than happy to guide you through the process.
Contact one of our offices.