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Renting vs Buying: What You Should Know

If you’re considering moving house in the Plymouth area, we’re here to help.

We often see many customers unsure whether it’s time to buy or if they should continue renting. This is a timeless problem, and there are benefits to each choice. But, with some guidance and research you’ll find the solution for you in no time.

Today we’re looking at the critical components of renting vs buying to help you decide whether it’s time to get on the property ladder. Ready to learn more about the process?

Scroll to find out more about mortgages in Plymouth.

Making The Right Choice For You

When it comes to finding a Plymouth home, there are a range of options to consider. But ultimately, you must make the right decision for your life and finances.

Renting and buying are similar in some senses, as they allow you to live in a property, and you make regular payments in each scenario. The key difference is that renting offers flexibility at a higher cost, whereas buying a property is a long-term commitment.

While renting doesn’t always mean you’re ‘throwing money away’, some clients do feel more secure when they’re making payments towards a mortgage.

If you’re stuck and need some professional advice, allow our team of experts to guide you. Explore our bespoke buying services here, or contact the team here.

Here are some crucial points to weigh up when deciding whether you should get a mortgage.

Monthly Payments

The most significant factor many consider when looking for a home is the payments. When you’re making payments towards your mortgage, you’re slowly working on owning the property outright.

In contrast, rental payments go into the landlord’s pocket. This isn’t always bad, as renting comes with flexible benefits for those not ready to settle in one place.

Potential Profits

Another incentive to opt for a mortgage over renting is that your property could rise in price over time. When house prices rise, mortgage payers tend to make profits. But it could go the other way, and house prices could fall too.

Similarly, any maintenance or extensions you make to your house can increase its value over time. Plus, you have the freedom to get creative with your home.

No Forced Moves

A significant perk of living in a house you own is that no one can force you to move. Sometimes, landlords will sell their properties, or alternative situations will arise, leaving them with no choice but to ask renters to move. This can happen with short notice, and all rentals come with this risk.

A New Asset

Though it’s not the cheeriest reason to buy, your house becomes an asset that can be passed on if you die. Many of us don’t think this far ahead often, but owning a home may benefit your children or loved ones in the future.

No Permission Needed

Frustrated renters often complain about not being able to own pets or redecorate when they want. When you’re making payments towards your mortgage, you won’t need to ask for permission when you want to paint. Plus, you can own all the pets you wish to!

Are There Any Downsides Of Buying?

While many consider buying the superior option, there’s no right or wrong choice when it comes to renting v.s buying.

Mortgages and ownership do come with downsides, depending on your personal situation.

These include:

  • Paying for your own repairs, such as leaks.
  • The interest rate on your payments may rise.
  • The moving process often takes longer.

Always weigh your options before deciding on a final route. If you’re confused, seek professional property advice to get an expert opinion.

The Takeaway

Will you be stepping onto the property ladder in 2022? Getting started with your own mortgage might seem like a daunting decision, but we’re here to help you on the road to ownership.

Check out our Mortgage Calculator