With the birth of schemes such as Help to Buy, budding homeowners have been given a helping hand up the property ladder. But many people are still renting – whether it’s because they’re saving for a deposit or would just rather be a ‘lifelong’ tenant. In fact, research has shown that by 2019, private renting numbers will have risen to 1.2 million across England and Wales.
However, if you’re in a position to either buy or rent a property, it’s important to consider the benefits of both before determining the right option.
Research is crucial when making a decision. Our experienced team offer advice on both the rental and sales side, and with that in mind, we have put together some key points to consider:
The benefits of buying
A smart investment
Although the value of your property may fluctuate over time, you will have legal ownership of your home at the end of the mortgage term. Additionally, if you choose to move away at some point in the future, you will be able to generate further income by renting the property out and covering your mortgage payments in the process.
Being a homeowner not only ensures you have a large investment and valuable asset directly in your name, but it also boosts your credit rating. As long as you pay your monthly payments on time, your financial situation can improve and you will become more attractive to future lenders.
Once you own a property, you have free reign to decorate, style and landscape your home however you like. Put simply, you can reflect your individual style and needs throughout your home without any restrictions. You’ll also be in direct control of problems that may arise, giving you the freedom to source your own preferred suppliers and contacts to help in times of need.
A huge advantage of buying your own home is settling down. Although you may not stay in that house forever, it’ll be a long-term base to create memories in – and that includes disagreements over what colour to paint the bathroom. If you have a family, having your own home means children won’t be disrupted with numerous moves too.
So what about the benefits of renting?
Renting allows you to have the flexibility and freedom to live where you want, when you want. With most renting contracts being no longer than a six-month commitment, it’s perfect for those of you who haven’t quite settled into a career yet or are unsure of where you want to be in the near future. Renting allows you the scope to move around a bit and test the waters by living in different properties, areas and cities.
No maintenance costs
One of the main benefits of renting is that the landlord or agency is responsible for paying for the property’s upkeep and fixing any problems that arise during your tenancy, saving you valuable time, money and stress!
Your budget is always first
If you have relatively low savings, debt or a student loan to pay off, you may be the first to admit that you are not currently in the best position to buy. And because income can fluctuate over time, renting a home gives you the freedom to always live somewhere that suits you and your budget. So whether you want to save for a holiday or prioritise renting a bigger house, you have the flexibility to alternate your disposable income as necessary.
Making sure that you spend enough time considering the right type of property for you is so important and it’s crucial that you choose wisely and realistically. We hope our tips will ensure you’re streets ahead when making your next property move.
For more information about our services, see here: http://acjproperties.com