Are you pulling your hair out weighing up the options of weather to buy or rent?
Depending on your personal circumstance the most current and up-to-date research shows that buying is now cheaper than renting across 86% of the UK’s cities, up from 84% one year ago.
There is however in many areas of the property market a North/South Divide in the most common debate of renting vs buying, Northern cites are top of the list when it comes to most cost – effective to buy,
9/10 places where it is to buy than rent are in the north, which isn’t a significant negative, once again this will be down to ones personal circumstance
Despite high property values in London – where buyers have to pay around £570,760 for an average two-bedroom property – owning is still 2% more cost-effective than renting, with owners £682 a year better off than renters.
There are other, obvious reasons why a purchase is more attractive to UK buyers. In the private sector, the concept of ‘renting for life’ is rare, and while this option may be readily available in other countries, in the UK, it’s virtually non-existent.
This question of security is therefore a major factor but if restrictions on mortgage lending prove to be too much of a barrier, what can you as a prospective purchaser do?
One way to get that first foot on the property ladder has been to buy a property in need of ‘modernisation’. This can, of course, be a risky investment as the term can cover such a wide breadth of properties in all states of disrepair.
However, for anyone happy to take on such a property, this can represent a cheap initial investment. Alternatively if you are red hot and ready to move Please do not hesitate to contact the Sansome & George Sales team on 01256 807 111 or by email to basingstoke@sansomeandgeorge.co.uk
We work hard to ensure that you are able to locate and purchase your dream house at a price suited to your specific budget.We also provide top property-buying tips to provide you with some key purchasing points. Alternatively, you can scroll through our recommended properties to find the perfect home for you. To round up because we don’t know your personal circumstances it would be hard to say you should rent or buy.
So instead, here are some reasons to consider when looking to rent or buy:
Buying
1. Investment You are not creating “dead money” the money effectively is going into your pocket not a landlords!
2. Renovations and decorations Within planning regulations you can do whatever you wish to your property, a wonderful home for the family or a modern development to put back on the market.
3. Discipline and experience If you are a first time buyer this is a great way to kick start finical planning for your future.
4. Community An often-overlooked advantage of buying your property is that you’re also becoming part of an existing community that makes up the local school, church or shops and create lifelong friends and support.
Renting
1.Flexibility Maybe you are ready to buy but are not absolutely convinced about the new job or choice of location, Renting allows you to choose where you like to live. In most cases you can break a rental contract after 6 months, grab your stuff and find a place you really want to settle in.
2. Free from financial responsibility As a renter you are not going to fall foul of any housing market related conditions. You will of course have to pay rent but you’re not tied into monthly repayments on a bigger loan and therefore cannot fall into negative equity.
3. No maintenance costs As a tenant it is the responsibility of your landlord to maintain the property, pay for decoration and its upkeep.
