Whether to rent or buy a house in UK? Here are the some drawbacks to acknowledge
Buying vs renting a house has always been a topic of debate for generations, and one can never be satisfied with the end result of this debate. While purchasing a house might not be under everyone’s ball court but still is kept at par when it comes to renting one.
The price of housing has increased tremendously, and the curve will keep rising high. Some can not even think of purchasing a house for themselves if banks won’t be there to help. Here we have listed both sides of the coin which will help you in making a firm decision. Before landing on any property matters, it is advisable to get in touch with estate agents in UK to help you with the entire process.
Advantages of renting a house
The best thing about renting a house is that you don’t have long-term commitments and can leave the house when you feel like it. The maximum stay period is very little as compared to buying a house. A minimum of three months and you are ready to move to another place. If you are not satisfied with your current house, then after giving a short-term notice, you can easily vacate the house and shift into another one.
You can explore various cities and apartments and live a nomadic or the life of your dreams. Living in a rented house gives you the flexibility to move out easily as in the case of your own house, moving out might be difficult and time-consuming. The time required to sell your property would be quite larger than one compared to vacating a rented apartment.
Renting a place can help you back off from legal fees such as a mortgage, stamp duty and several others that align accordingly. There is no knick-knack for maintenance costs and other things that drills your pockets. Getting on-boarded on a rental property is much easier, cheaper and quicker in comparison to buying a property.
Disadvantages of renting a house
Renting a house is like a double-edged sword, it has both advantages and disadvantages. While renting a house can seem easier than buying, it has got several loopholes that you need to consider before diving into this pivot point. Here we have listed some.
Before moving into any rental property, you have a huge amount of upfront cost, which will include a certain percentage of your first month’s rent. While rent for every month is dependent on the hands of your landlord, and he can either increase or decrease the rent. Decorating your home might seem a vivacious task, and you can’t move a pinpoint without asking the owner.
The biggest setback while renting a house is that you are building the business of your landlord and not yours. As in the case of a mortgage, you are paying a mortgage every month to eventually have your house at the end.
Advantages of purchasing a house
The biggest advantage of owning a house is that everything belongs to you, and you are in charge of moving anything to everything in your house. In the long run, you will have the security of a house and won’t have to uproot a new life when your landlord kicks you out. You don’t have to seek permission in order to decorate your house and that is where you can lie your creative mind and create a beautiful space for yourself.
Unlike monthly rentals, after paying your mortgage, you will finally have your home instead of just memories of a certain place. Another advantage of buying a home is that you can consider it as an investment and can sell it if the value of the property increases. Maintenance is quite easier, quicker and flexible as you are your own boss and don’t have to ask permission from some other person.
Disadvantages of purchasing a house
Saving your hard-earned money for a deposit in this fast-paced world is difficult and can take a considerable amount of time. The price of the houses is increasing by leaps and bounds, and for every individual with several other responsibilities, it might get difficult. Paying for a mortgage, stamp duty, and several other legal fees might be too much and unaffordable for various individuals. You have a drill in your pockets for any type of maintenance.
Another factor that leads a road to disappointment is the fall in the market value of your house. If the value of your house falls below the mortgage value, you have to bear the negative charges.
Moving out of your house might be a long procedure. Selling your house can be a daunting task and will consume a lot of your time. You may not have the flexibility to move out quickly.
How to decide between renting or buying?
Before making any decision, you need to ask yourself a few questions.
- How Long am I going to stay here?
It is always advisable to rent a property if you are looking for short-term accommodations.
- Am I in the stage of paying my mortgage while managing my other expenses?
We suggest you not take any emotional decisions while jumping into any of the two. Ask yourself what your current monthly income is and how you can afford your living expenses after paying the mortgage fees.
Before jumping into any of these confidential decisions, it’s important to think practically and figure out your paths beforehand in order to avoid the mess in the end.