Renting vs Buying

There is a lot of anxiety in the housing market surrounding the decision made by those looking for houses and flats for sale – particularly first-time buyers. But in the current climate, it does not necessarily follow that buying is a more preferable option to renting, despite our natural inclinations.

So, what then are the pros and cons of renting versus buying, and should first-time-buyers relax and hold on to their deposits for a while longer?

Pros

• There is a lot to be said for not being responsible for upkeep and maintenance. This is particularly true if you are paying an exorbitant mortgage and have spent several years living on a shoestring to afford your deposit.
• You have no anxieties surrounding the fluctuations in house prices and the effects that this has on your home. Negative Equity is a term you can forget about.
• With the job market as precipitously balanced as it is, renting keeps your options open, allowing you to take opportunities when they arise and find a flat to rent elsewhere with little fuss.

Cons

• You may struggle to make your rented property feel like your home, with inevitable restrictions on redecoration or upgrading.
• Further to this, you are dependent upon your landlord for repairs, and it can often seem like hard work to get this done, with finding a good one being almost like a lottery.
• When living in a house for let you could be asked to leave at any moment. The convenience of being able to move out works both ways, and in this instance could fall at a time that is inconvenient for you.

Perhaps there is no real answer, but choosing a property finder online should lead you to your perfect house - whether you are buying or renting!.