Moving house in general can be an overwhelming time, but adding the decision of whether to rent or buy can bring its own challenges too. This is why it’s so important to take a look at the advantages and disadvantages of both renting and buying a home before you make that big decision.
We are on hand to go through the pros and cons of renting and buying to help you see which is the best option for you.
Renting pros and cons
Flexibility – most tenancies are 12 months long, meaning you don’t have to stay in one place for years on end.
Repairs covered – landlords are legally required to cover any repairs, subject to contract.
Better budgeting – your rent is usually a set rate each month and doesn’t inflate due to interest rates like a mortgage can do.
Expense – monthly rent payments tend to be more than monthly mortgage repayments.
No pay off – you aren’t paying a loan or mortgage off to own the property outright.
Permission – you usually need permission to have pets and to decorate the property.
Buying pros and cons
Ownership – once you paid off your mortgage, you own the property.
Monthly repayments – these tend to be cheaper compared to monthly rent payments.
Inheritance – if you own your own home, you can pass it onto children/family when you pass away.
Repairs/maintenance – as you own the property, you are financially responsible for any repairs and maintenance.
Defaulting on mortgage – if you fail to make the mortgage repayments, your home could be at risk from repossession.
Partnership – if you have a joint mortgage but decide to separate, the situation may become complicated trying to sort everything out.