Renting or buying: Which is the best for your lifestyle?
Whether to rent or buy is a question asked by many people. Buying a house or flat is one of the biggest financial decisions of your life and it is very important to make sure you’re making the right choice for you. Some people cannot wait to get on the property ladder but this is not the case for everyone. Castles Estate Agents have put together a list of advantages to both renting and buying, which will help you make the right choice for you based on your lifestyle.
Castles Estate Agents have the highest stock of properties available since 2013 which means you won’t be short of choice when choosing the home of your dreams. If you would like more information on Castles Estate Agents properties please get in touch through our website today.
Can I afford it?
The first major question to ask yourself is which choice would be the most cost effective for you? When you are renting a home your costs are usually fixed for the term of your lease. Your monthly rent may not include other costs such as water, gas, internet and electricity which are important to consider. When you first start your lease you will more than likely require the first month's rent, a deposit and holding fee to take the property off the market. The good news, however, is that because you are a tenant, the landlord is usually responsible for fixing any issues with the property, whether it’s a broken washing machine or a door handle has fallen off.
With the tenant fee ban now in place, you know longer have to pay referencing fees and administration fees therefore, renting a property has become even more cost effective.
When you are buying a home most mortgage lenders need a deposit of between 5% and 20% of the properties price. You will also need to factor in bills such as water, gas, internet and electricity which is the same as if you were renting. The good news is however once you have paid off your mortgage your home will be yours and you will not have to worry about paying for a place to live.
It is essential that once you have decided you would like to buy instead of rent that you take professional mortgage advice, speaking to the best possible mortgage brokers can make the difference between buying or not! Castles mortgage partners are in their opinion the very best in Swindon and offer jargon-free and honest advice to put you in the strongest possible buying position. To arrange a free mortgage appointment please contact Castles on 01793 611677.
Reasons to Rent a Home
Owning a home can offer you a sense of security but if you’re not ready to settle down completely renting could be a good option for you. Renting a home could be a good choice for you if you want some flexibility, you are a lot more mobile when you rent. You can move out at the end of a lease and move anywhere in the country or world you wish too, without staying in one place.
Benefits of Renting
There are many benefits to renting a property such as;
1) Fewer upfront costs and paperwork.
2) No need to worry about falling home values.
3) You could potentially build up your credit rating.
4) You are not responsible for maintenance and repairs.
5) You have the freedom to be more mobile.
Reasons to Buy a Home
Buying a home can be a great investment for your future. If houses in your area have been rising, buying a home now could help you stay in your neighbourhood even if the prices keep rising out of your budget. In this case, if you decided to sell on you would instantly make a profit. A sharp rise in local property values always gives you the chance to make a sizeable profit when you sell on.
Buying may be the right choice for you if you plan to stay in the same area for more than a few years, you are able to apply for a mortgage and if you want to settle down and start a family in your own home.
Benefits of Buying
There are many benefits to buying a property such as;
1) Once you have paid off your mortgage your home will be yours and you won’t have to pay to live somewhere.
2) If your home increases in value you could make a sizable profit and buy yourself a bigger home or fund a retirement plan.
3) You can spend money on home renovations without having to get permission from a landlord.
4) You will have the pride of homeownership and could tie you to your community.
5) Your property can be passed on to your loved ones when you pass away.
Buying or Renting?
When it comes to the choice of buying or renting it is the option which best fits your circumstances, lifestyle and budget. There are pros to each choice and as your life is changing your choice may change. If you would like some more help making this decision or you would like to see some properties around the Swindon Area, the staff at Castles Estate Agents would be more than happy to guide you to a decision which is right for you. Please call us on 01793 611677.