The eternal question for those just entering the property market! It’s something everyone asks themselves and it’s probably the biggest financial decisions you’ll ever make, so, no pressure, it’s important to consider all the options and make the best choice that you can.
If you buy, there’s the plus side:
Pay off the mortgage and the property is yours – you have somewhere to live and a valuable asset.
If your home goes up in value, you can sell and move up the property ladder or downsize and free up some equity.
You can make any changes without asking for permission from a landlord.
There’s always a downside:
When interest rates go up, your mortgage payments will go up – make sure you can afford an increase.
You have total responsibility for any maintenance – you can’t just ask a landlord to sort out a broken boiler or a leaky tap.
You’ll be responsible for potential service charges if you buy a flat or a house on an estate which isn’t maintained by the council.
Less flexibility if you want to move quickly, you’ll incur estate agents costs and legal fees.
Consider the costs if you choose to move:
· Survey cost
· Stamp Duty
· Removal costs
· Legal costs
· Monthly bills.
As with everything, preparation is key. If you work out your budget, save money carefully and can manage your money sensibly, then buying gives you an investment for the future. Find out more about the properties we have on the market by having a look on our website, or calling in for a chat with our team. We can offer you advice and guidance on buying, renting, selling or letting.