You might be wondering whether it’s better to buy or rent a property. This will depend on your individual circumstances and your finances. Renting is cheaper in some instances, as there won’t be the enormous initial costs that there are with home purchasing. However, mortgage repayments are usually cheaper than rent payments and you’ll benefit from increased equity.
We think it’s good to take all the pros and cons into account before making any decisions, so let’s break down both options.
Renting
Let’s take a deeper look at renting properties. Remember, this information applies to most properties, but not all. For further advice be sure to contact a trusted estate agent like Pure Properties to discuss your unique requirements.
Renting Pros
If there’s a particular area that you want to live in that you are unable to buy a property in, then renting is a great idea. You can also move in a lot more quickly and you won’t have to worry about expensive repairs and maintenance.
Renting Cons
Although renting is cheaper than buying a property initially, your rent is still effectively paying off another person’s mortgage. You won’t have as much security in a rental property either, as your landlord could decide that they want it back or they want to sell. Your rent is liable to increase at the landlord’s discretion and you won’t benefit from any increase in the property’s value.
Buying
Buying a property can be one of the most significant moments in a person’s life. Let’s find out more about what makes it so great without forgetting about the potential drawbacks.
Buying Pros
When you purchase a property, it is yours. You can make any changes you like and benefit from capital growth. Your mortgage repayments might be cheaper than rent costs, and your mortgage payments increase your equity.
Buying Cons
The initial costs for buying a property can be prohibitively expensive. Deposits are expected to be 5% of the property’s value at an absolute minimum, and to be approved for a mortgage your income will be taken into account. You’re responsible for any maintenance costs which could be very expensive and crop up unexpectedly.
Contact Pure Properties Now to Discuss Renting and Buying in Cardiff
If you’re still not sure whether renting or buying will better suit your circumstances, give us a call. One of our friendly advisors will be able to talk you through your options and find the perfect property for you.
Our agents are all experts in the field and know the local areas well. We can accompany you to property viewings and help you make the best decision for you. Get in touch today to take the first steps towards your new home.
