How do you decide whether buying or renting is right for you and your family? Getting a first mortgage and all the things that go with it can be a massive financial burden and should not be looked at lightly.
Buying Pros and Cons
+ You have the freedom to with your home what you want, paint the children’s rooms, landscape the garden and change the kitchen
+ You have a legacy to leave to your children after you pass away
+ It gives you stability without having to rely on a landlord
+ You can have as many pets or smokers in the house that you want
+ Hopefully the value of the property will increase as time goes on
+ You can furnish it how you want to and change it when you want
- It is expensive to start up with searches and legal fees
- You are responsible for all the maintenance of the property
- You are financially responsible for all the related costs involved
- You have to pay life insurance to cover the mortgage, council tax, water rates and all the other bills involved with owning your own home
Renting Pros and Cons
+ Low start up cost, usually needing just 2 months rent in advance
+ If you need to downsize or upgrade, you can do that simply and relatively cheaply
+ You have no commitment to keep the property maintained, just clean and in the condition that you took it over
+ Some landlords include utilities in the rental price giving you one monthly payment for everything
+ In furnished accommodation you will have a ready made place to live
- You may not be able to take along your trust pet
- You may have to find a new place when you were not ready to if the landlord decides to sell up
- The rental income is dead, if will never make you money
- You cannot make changes to the property to your individual tastes
Whatever route you decide to take, make sure you are able to think it through fully to make sure you make the right decision for you and your family.