To Buy or Not to Buy: Housing Options for Living Large in the UK

The question of whether to buy a house or to keep on renting is one that many people face at some point in their lives. We are often led to believe that renting a house is simply throwing money away compared to buying, but it is never that simple.

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If you are currently renting but you are thinking about the possibility of buying a property, it’s worth looking carefully at the costs involved, as well as the advantages and disadvantages of each.

Which Is More Expensive?

Buying a house is more expensive than renting, at least in the short term. You will have to save for a deposit, sometimes as much as 20 per cent of the value of the property, and you will also have to pay fees for your surveyor and solicitor, as well as fees related to the mortgage, such as the valuation fee.

There are lots of costs involved in the actual buying process, and then you have to pay your mortgage payment each month, and you will also be responsible for the upkeep of the property as well as any repairs that have to be made.

With renting, the cost is a lot lower. You will normally have to pay a deposit of a month or two, but you will get this back as long as you do not damage the property during your time living in it, and then you will simply have to pay your monthly rent. All repairs will be taken care of by the landlord, and you will not have to pay for buildings insurance.

Which is the Best Option for You?

Despite buying a home being a more expensive option, it does come with one significant benefit over renting. Once you have paid off your mortgage, you will have your own property. Property is a good investment, and if the value of the property goes up, you could use the equity to move to a larger property.

You may also find it easier to get access to better rates of credit by acquiring a secured loan. Once you have paid off your mortgage, you will be able to live rent-free, so you may have more money to spend on other things.

Find Out If You Can Afford to Buy

If you are tempted by the option of buying a property, you will first have to find out whether this is a possibility. If you do not have a large enough deposit, or you are unable to get a mortgage, you may not have much of a choice but to keep on renting.

However, if you can afford to buy, start looking for suitable properties. Look for a solicitor as soon as possible so that when you do find a property, you will have one ready. Look for one with lots of experience and a good reputation like Slater and Gordon, or search in your local area.

Decide Which Is the Right Option for You

There are no right and wrong options when it comes to either buying or renting a property. Instead, you will have to work out which is the most suitable option for you in your unique circumstances. So think over your options, and decide what the best option is for you.

Katie Robertson has extensive experience working in the property market. She shares her tips and advice online through her articles for property related sites.