Should you rent or buy a property?

December 3, 2015 by Brendan O'Neill

Advice & Tips

As house prices and rents continue to rise, many people face a tough decision when trying to decide whether to rent or buy a home. There are pros and cons for each, so you have to decide which is the most suitable option for your circumstances. Approaching a fully qualified mortgage adviser may help you to

reach a decision, as they have taken a CeMAP course in Leeds or one of the many other locations they’re available, and will have the necessary knowledge to help.

Renting has a number of advantages, which makes it a popular option for lots of people. If you rent a home, you don’t have to pay for the maintenance of the property, as your landlord will be responsible for all repairs and its upkeep. Your financial responsibility will be minimal, as you only have to pay rent, rather than being tied into a long-term loan, which is generally for a large amount of money. Rental properties are usually short term, perhaps signing a contract for six months to a year at a time. This means you are free to move to another home whenever you like, rather than having to sell your home and buy a new one.

Buying your own property gives you access to a community, where you get to know the local people and become involved in the local activities. You are also making an investment so that you have some money for your future. Paying rent is often considered to be a waste, as it is benefiting the landlord, whereas your mortgage payments are all invested in your future.