Renting Vs Buying- The Argument That’s Rocking the Property World
Is buying a house an anchor that binds you or an asset that frees you? This is the main argument that occurs during the age-old rent a house vs buy a house debate. In this article, we’re going to take both sides of the discussion apart and finally conclude which option is the best way of living.
Why renting could be the new norm:
If we’re looking at “the property ladder”, then making that first move from living with family to becoming a homeowner feels more like a leap than a step. Going from not owning a property to renting one feels more manageable. It gives you the experience of independence without the intimidation of a mortgage or a hefty 10% deposit.
On the other hand, you might be someone who’s looking to move away. Renting allows you to move to a new area without the ties and commitment of a mortgage. It’s a good option if you’re moving somewhere for work or business and don’t intend to stay there permanently. This is especially useful if you’re moving to London. Our housing bubble seems overwhelming when you’re moving down from some of the cheaper areas of the north. Renting in London allows you to acclimatise to the area affordably whilst taking advantage of the higher-paying jobs.
In summary, renting doesn’t anchor you down. it gives you more freedom to be fluid.
Why buying feels like the right choice:
Depending on where you want to live, renting isn’t always a cost-effective option. Occasionally mortgage repayments work out cheaper than rent, so why pay more for a home that’s not ours?
One thing that people rarely discuss in the argument of renting vs buying is that owning a home means you own an asset. Your home can be leveraged against. It can be refinanced. If you’ve owned it for a substantial period, then you’ll most likely be able to sell it for more than you originally paid.
But maybe the biggest driving force behind becoming a homeowner is the fact that you can call something yours. It’s your home. A place that belongs to you. It’s something that can be passed on to your children. A place that you can grow old and make memories in. You don’t feel like an intruder in someone else’s property. You’re never at risk of them deciding that they just want to sell it one day. It’s yours.
The winner is…
There is no clear winner. The truth is, it’s down to choice. Some people dream of owning their own home. Other people are not motivated by the idea. You don’t need to pick one because the two can be combined. You can save enough money to buy a home while you’re renting, or you can sell your home and rent instead. The choice is yours!
This article was more than just an analysation of a debate. We wanted to show you that we recognise our client’s motivation. We understand when someone wants to call bricks and mortar home or when they just want a place to stay while they secure their new promotion. Regardless of your ambitions, we have a range of properties that accommodate them. If you need advice on your next move, then we’re always on hand to help.
Our full range of homes and rental properties can be found on our website. Alternately, if you’re looking to sell or rent your property, then we welcome you to contact us here. Why don’t you tell us all about your plans during our free, no-obligation valuation? Just book it by contacting us today.