Can’t decide whether to buy or rent?

Deciding when to move onto the property ladder can be a tough decision. Buying your own home may be a huge achievement but stepping onto the property ladder isn’t always the wisest choice at the time.

There are certainly benefits to buying a home - the most obvious being ownership. If the home you live in has your name on the deeds, you can (planning and neighbours permitting) do anything you would like with it. There are no obligations to a landlord if you should wish to change the colour of a room or renovate the garden - it’s entirely your decision.



Also, buying a house is an investment, with an expected increase on value year on year, and you’ll get back a sum of what you put in when you move - unlike renting.

Buying a property gives you a sense of stability and more of an incentive to get to know your local community. If you’re renting you might love where you live, but you’re at the mercy of your landlord who might decide to sell or terminate your tenancy, scuppering any plans of “settling”.

Of course, on the other hand renting definitely has its plus points. It can be more convenient if you’re looking for freedom and flexibility, or aren’t mentally ready for that big step to buy a home. Generally, there are far fewer commitments when renting. For those who are self-employed or working on short term contracts, signing up to a mortgage can be daunting. If you travel a lot, owning your own property and not actually living there that much is just not financially viable.

Another advantage of renting is that besides security fees and deposits, you avoid having to face initial expenses of buying a home, including surveyors, solicitors and mortgage fees. In addition to this, with renting, any costly liability of household maintenance, such as a broken boiler or leaky guttering, falls to the landlord, not you.

There’s no easy answer when trying to decide whether to buy or rent. Both have their pros and cons, and both can be difficult markets to navigate. The most important thing to consider is where you want to be living and how much you can afford.

If you need any more advice, visit one of our friendly agents who will gladly talk you through the process of buying or renting.

Call us at our nearest office, on:

Leicester Office - 0116 242 9922
Loughborough Office - 01509 235534
Market Harborough Office - 01858 431315