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Should You Rent or Buy? Things You Should Consider Before Making a Decision

Buying a property is probably one of the biggest financial decisions that you will ever have to m...

Buying a property is probably one of the biggest financial decisions that you will ever have to make. For this reason alone, it shouldn’t be something that you rush into.

Are you in the right position to be buying a house? Or are you better off renting first? Whilst we don’t know your personal circumstances, we can give you some advice on the advantages and disadvantages of both.

As a letting agency in Sutton Coldfield, we have advised a lot of people on this decision – we hope we can help you too!

What Are The Benefits of Buying?

The main benefit of buying a house is that once the mortgage has been paid off, the house is belongs to you. You won’t have to pay for somewhere to live again and you can see it as an investment of your future.

The best thing? You can change your house in any way you wish without having to ask for permission from anyone.

In a lot of cases, it often works out cheaper to buy than rent – apart from the initial deposit money.

What Are The Benefits of Renting?

 Renting allows you to be a lot more flexible than buying a house. You can choose where you want to live and usually only have to commit to 6-12 months at a time. When your tenancy is up, you can choose to move to a different location.

Not sure whether you would want to buy in a certain location? Renting allows you to test our certain areas without committing to buying a house.

Your landlord is also responsible for house maintenance, so you don’t have to worry about spending lots of money on fixing things that are broken.

What Can You Afford?

Both renting and buying comes with their own costs, so you need to weigh up your personal finances and decide what you can and can’t afford.

If you buy a home, you’ll need to work out if you can afford:

  • Initial deposit
  • Legal costs
  • Survey costs
  • Stamp duty
  • Monthly bills
  • Any work that needs doing

If you choose to rent, you’ll need to consider:

  • Deposit and first month’s rent (usually upfront)
  • Monthly Rent
  • Bills

If you can’t afford right now, it’s worth opening a savings account and start putting together a savings plan.

Whether you’re looking to rent or buy, please don’t hesitate to contact us here at Belvoir Sutton Coldfield. We have a professional and friendly team who will be happy to discuss your options with you.

Just give us a call on 0121 321 3388 and a member of our team will be happy to help.

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