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Your next home: To buy or not to buy?

19 Oct 2019

Buying Your Next Home Advice

If the media are to be believed, it would be fair to say that we are in an era of “generation rent”. Not only that, but there seems to be something of a pressure to push young people towards the housing ladder.

This coverage means that many people don’t even think before taking the plunge. They will save up for their deposit, perhaps turn to a Glasgow storage facility in the meantime, and wait to purchase that first home.

However, it doesn’t have to be as clear-cut as this. Through today’s article we will now take a look at the advantages and disadvantages of buying and renting to paint a bigger picture.

Buying your next home

One of the main reasons why most people want to buy their first home is because instead of filling a landlord’s pocket with rent, you are putting your monthly payments towards something tangible. In other words, after a set period of time, these monthly payments will result in you owning your property. Ultimately, the prospect of eventually living rent-free is possible, while if historical prices are to be analyzed you will probably make a profit on your home as it increases in value.

It’s also worth mentioning that in some cases, buying will be cheaper than renting. It has been found that due to the high rental costs in some areas, monthly mortgage costs can be much lower.

Then, there are the “other” benefits. For example, some landlords are quite restrictive when it comes to making changes to a property, and you may really have your hands tied behind your back as a tenant. Suffice to say, when you own the property, this doesn’t occur.

Renting your next home

Next, let’s talk about renting. This is something that a lot of people almost feel forced into, with the high upfront costs of buying a home often being prohibitive.

However, it’s important to note that the choice to rent your next home isn’t always due to financial reasons. For example, for those of you who perhaps rarely stay in one place for a prolonged period of time, it goes without saying that renting gives you much more flexibility.

Furthermore, some people like the fact that they don’t have responsibility over a property. Let’s not forget that when you purchase a house, you are responsible for every element of it. For example, if you are staying in Liverpool and the boiler breaks down, you need to hire and pay professional plumbers in Liverpool to repair it. Well, as a tenant, all of the onus for these repairs fall to the landlord and this can be of huge relief.

Of course, the disadvantages of this flow from the previous section. It means that you are part of generation rent and the money you are putting towards your housing is never going to be for anything tangible. It means that while it is the cheaper solution in the short-term, from a longer-term perspective it’s no surprise that a lot of people do try their upmost to get onto the housing ladder.

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