To Rent or to Buy - That is the Question

Moving out is one of the biggest decisions you will make in your life so it’s important to weigh up your options. While some have saved and can afford to buy, others may prefer to rent. But if you are looking for a short-term solution, it can be difficult to decide which option is best.

 

Let’s Bid gives you the flexibility to do either but ultimately, the final decision is down to you. There are many pros and cons to both options, including things that you may not have thought about. To give you a helping hand, we have compiled a handy guide.

Renting A Property

The option to rent is great as it means that you’re not stuck in one place and can move with ease, but it also means that you don't have overall control of the property.

Pros

l You can move house without having to worry about selling or renting out the property

l Having someone else manage the property can take the pressure off you

l You don’t have to pay costs towards work being done unless it’s your fault

l As there are no additional costs such as maintenance, you can accurately predict your average monthly spend

l It’s easier to start renting as there aren’t as many legalities

Cons

l You will have to depend on someone else to complete any work on the property

l The owner can evict you. Of course, they need to give notice, but renting doesn’t give guarantee you a secure home

l There is no financial commitment, meaning you’re not paying into your own future

l You may end up with a bad landlord who doesn’t do anything to help

l As it’s not your property, you may not be allowed to redecorate

Buying A Property

Given the opportunity, buying your own home can be a great investment but for many, it’s an incredibly expensive thing to save for.

Pros

l The property could increase in value meaning that you make money if you decide to move in the future

l You’re paying for your own future; it’s something that’s yours

l You can make any changes to the property and redecorate however you like

l Owning a house gives you more security as no-one can just tell you to leave

l You will be able to fix any problems yourself without relying on a landlord

Cons

l You are responsible for any problems, which may be quite expensive to fix

l Mortgage payments may be more expensive than rent payments

l It can take a long time to save for the deposit to buy your home

l You might dislike the property after a while and it’s not that simple to up sticks and move once you have bought it

l You will gain the additional monthly payment of home insurance to protect the building

 

Once you’ve made the decision on whether to rent or buy you will no doubt need to find a trusted company to help. Let’s Bid offer professional advice for those looking to rent, buy and sell. If you’ve made your decision, then start looking for the right home now!

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