Renting vs Buying

When it comes to finding somewhere to live, it can be tricky to know whether renting or buying a home is best. It can feel like a minefield, so we’ve put together a quick overview to steer you through the pros and cons of both buying and renting.

The pros and cons of renting

1. Renting a property is a great and low hassle option if you move frequently. However some tenancy agreements may have a minimum rental contract, usually six months, which could mean you’re tied down to a particular property.

2. Renting can be a good way to try out different areas to see where you might like to buy later. Renting will give you a good overview of the local facilities, travel links, and so on.

3. Renting a property means you won’t (usually) be responsible for repairs or maintenance (but contents insurance is always a good idea) However, on the flip side, you won’t be able to redecorate or make it your own.

4. Financially, renting can be cheaper than buying a property, but be aware that your rent could increase at any point.

The pros and cons of buying

1. Buying a home means that you’ll have to save up a deposit and pay towards a mortgage. It’s possible that you won’t pay much more for a mortgage than you paid for rent, however, it’s important to remember that there are other costs involved, such as solicitor’s fees, when you buy.

2. The greatest advantage of buying a home is that it is an investment. Each mortgage payment you make goes towards paying off your balance, building up equity and providing you with future financial security.

3. Buying a home means that it’s your space and you can decorate it as you please.

Whether you’re renting or buying, if you’re thinking about moving and you’d like some help, you can rely on Coast Removal’s to provide a comprehensive, cost-effective and efficient removals service.