With house prices soaring, making it increasingly hard to get onto the property ladder, many are wondering whether it is actually worth buying a house, or simply renting. I’ll go through the pros and cons of both.
Firstly, let’s talk about the pros of buying your own property.
- You are more secure being a home owner than a renter because you living there isn’t dependent on a landlord.
- It is long term. If you have a family or are in a long-term relationship, you may be looking for stability, and consistency which makes the commitment of buying a property a logical next step.
- More freedom. Being the owner of the property you live in means you can do what you like with your house, as opposed to being bound by restrictions stated in your contract if you’re renting.
- It’s an investment. As I said earlier, property prices are increasing annually, making houses an investment. Although buying a house can be long term, you can also use the money from selling it to buy a different, more expensive house in the future. If you are looking to sell your property, look up Estate Agents Cheltenham. I highly recommend Me and You Estate Agents if you’re looking to sell in the Gloucestershire area.
The cons include paying the mortgage. If you are struggling financially, paying your mortgage can feel like a burden. Moreover, falling behind on payments can have negative consequences, making it harder for you to buy again in the future.
Another disadvantage to owning a home is that it will be your responsibility to maintain, furnish or re-decorate your home. These are obviously extra costs you have to take into account when assessing whether you can afford to buy.
The big question is whether it’s cheaper to rent or buy. The answer is that it depends on where you live. In some places, such as London, the rent is so high that if you can afford it of course, it would potentially be better, when thinking long term, to invest in property.
Some pros of renting include not being bound to live in one place for years to come. This can make your life a lot more flexible and give you more freedom to consider trying out other places, or travel for extended periods of time. Moreover, renting allows you to live in places that you could not otherwise afford if you were looking to buy.
To summarise, there are benefits and disadvantages to both renting and buying. Consider contacting an estate agent if you want to know more. Finally, it really depends on where you live as well as your own personal circumstances and financial situation.