Should I Buy or Rent a Property?
Deciding whether to rent or purchase a property can be a tricky decision. If you’re flying the nest or deciding whether to take the plunge and purchase a property, there’s a lot to consider. It’s important to weigh up the pros and cons and figure out which will suit you and your lifestyle best. To some, buying a property might seem like the better option as it offers stability and long-term security yet you have the freedom to decorate and make it your own. For others, renting might be the obvious choice as it offers flexibility and more freedom.
Wondering whether you should buy or rent in Colchester, Essex? Our team has compiled some information on the advantages of both options to help you make a more informed decision…
Advantages of Owning a Home
From mortgage payments to property maintenance and repairs, there’s a lot of responsibility that comes with owning a home. You’ll also need to ensure that you’re happy with the interest rate on your mortgage, consider the extra cost of bills and home improvements, and budget to avoid missing any payments. However, owning a property can be extremely worthwhile too.
Here are some of the advantages of purchasing a home...
Being a homeowner can provide you with long-term security. As long as you keep up with your mortgage payments, it’s your home and nobody can tell you otherwise. Whilst it is certainly possible to stay in rented accommodation for a long period of time, circumstances can change and your landlord may decide that they need the property or would like to sell it. When you own a property, you’ll most likely feel much more secure. Feeling settled and secure might encourage you to put down roots, get to know your neighbours and take part in community activities.
Freedom to Make it Your Own
You’ll have the freedom to make the property really feel like home. Whether you want to upgrade your kitchen, change the flooring, landscape your garden or simply paint the walls in a colour of your choice, you’ll be able to do this freely. You won’t have to worry about obtaining permission from the landlord or breaching your rental agreement. Landlords may also impose rules regarding guests and pets too. When you’re the owner of the property, you’ll be able to make the rules.
Many people believe that purchasing a property can be seen as a solid investment. If house prices increase, you could make money if you decide to sell at this time. In a similar way, any changes that you make to the property might end up adding value to your home. Whether you decide to extend the property, add an extra bedroom, upgrade the bathroom, fix any maintenance issues or make simple yet significant improvements, you might find that this adds value.
Advantages of Renting a Property
Abiding by rules set by the landlord, increasing rent and lack of freedom to make changes to the property are all factors that you should consider when deciding whether to rent or buy a property. It’s also important to be aware of the fact that if a landlord decides to sell the property or get new tenants, you’ll have to move out. Despite this, renting a property has plenty of benefits too.
Here are some of the advantages of renting a property...
Whether you’re undecided about an area, planning on travelling or simply enjoy the freedom, renting a property offers a great degree of flexibility as you’ll be able to move out as soon as your tenancy ends. Some landlords offer short-term or rolling month contracts too. Buying and selling a property can often be a lengthy process. It’s important to remember that purchasing a property is a big commitment.
We understand that for some people, where they live can drastically affect their lifestyle. Whether you want to live in a vibrant, bustling location or a peaceful area, you may find that renting a property presents more opportunities for you. In some areas, you might find that it’s too expensive to buy the property of your dreams. Renting may allow you to live in a sought-after, or more central, location.
Some may find that renting offers financial stability as you’ll know what your rent will be each month. Depending on your contract, you may find that some, or all, of your utility bills are covered by your rent too. Generally, a landlord is responsible for the maintenance of the property so you won’t have to worry about these additional expenses.
If you’re still unsure on what the best option for you is, get in touch with one of our property experts. Here at Oakheart Property, we're proud to have a highly-experienced team of sales and lettings agents across Essex and Suffolk. Our team will be more than happy to talk through your options and present you with a range of properties that are available to buy and to let.