Letting or buying: which is best?

 

The UK property market is changing. Despite government schemes to help first-time buyers get a foot on the housing ladder, this is a very expensive option for many, so some people are looking at renting rather than buying as an option.

 

The benefits of renting your home

 

If you are unsure about where you want to live, or your long-term finances, or you don’t want the hassle of being responsible for your home’s maintenance, then renting is probably best for you. If you work in central London and want an easy morning commute, then homes for rent brentwood or in any of London’s suburbs could be ideal.

 

Buying is expensive

 

Buying a property in the centre of the capital is extremely expensive; the current housing boom has shown that you’ll be looking at a price tag of around £500,000. If you are unfamiliar with an area and want to see how you like your new environment, then renting is definitely a positive step. It’s relatively easy to move, if you want to vacate a let property, whereas house selling can take a long time.

 

Owning provides long-term security

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Anyone who is in the enviable position of having sufficient funds to place a deposit on a house as the current rate is 25% of the actual asking price; should try and see if their budget will allow them to keep up monthly mortgage repayments. You may also be eligible for government help under the mortgage guarantee scheme.

 

Everything is your own responsibility

 

If you buy your home, you will be responsible for its maintenance. You won’t have a landlord to contact should the boiler break down, or the ceiling cave in. If you fail to keep up your mortgage repayments you could lose your investment. Alternatively, with a foothold on the property ladder, you should be able to sell your house at a profit and move on as your family expands.

 

Personal circumstances may dictate your choice

 

Renting a property will help you decide the type of house that you may wish to own in the future. You’ll soon learn that if you don’t look after the property, the landlord can withhold repaying your deposit.

 

Be aware of your budget

 

House buying is an expensive business. You’ll have to find the funds for solicitors, estate agents and stamp duty as well as the deposit, and your monthly bills. If you rent your house, you will have to ask your landlord before making any alterations. Also if your landlord decides not to renew your lease, you’ll have to find a new home.

 

 

Article Submitted by Community Writer.

 

 

 

 

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