Are you wondering whether to rent or buy?
For many, recent changes to interest rates has increased the cost of their mortgage repayments. This has not only impacted homeowners, but also investors which has resulted in a rise of rents across the UK. Renting comes with many benefits and it is an excellent option for some. It allows flexibility for tenants to move anywhere quickly, easily, and at a lower upfront cost. Tenants also don’t have to worry about the expense and hassle of maintaining their home. However, if your goal is to eventually own your own home, and with rents ever increasing, perhaps the importance of planning this sooner rather than later is highlighted. Whilst getting onto the property ladder isn’t always easy, owning a property can offer longer term benefits so that, in contrast to renting, your hard-earned cash is invested back into your own pocket rather than an investor’s. Here are some advantages of buying a property over renting:
- Stability and control: Owning a property provides stability and a sense of control over your living situation. You won’t have to worry about rent increases or eviction notices.
- Freedom to personalise: Homeownership allows you to make changes and upgrades to the property according to your preferences and requirements.
- Building equity: When you buy a property, you are investing in an asset that typically appreciates over time. As you pay off your mortgage, you build equity in the property, which can be beneficial and provide more financial freedom in the future.
- Long-term investment: Property has historically been a solid long-term investment, and owning property can be a part of your overall financial strategy.
Support available
For first time buyers, there are several forms of financial support to help them take that step onto the property ladder. These include; stamp duty relief, government Help to Buy ISAs, shared ownership schemes, incentives from new build developers and some lenders offering 100% mortgages for renters. As for the best time to buy, the property market can be influenced by various factors, including economic conditions, interest rates, and housing demand. Attempting to time the market perfectly when planning to buy can be challenging, so it is often more crucial to focus on your own financial readiness and personal circumstances however, overall historic trends show that properties increase in value with time which is always reassuring for homeowners and potential buyers.
Have an independent survey
So, whether you are a first-time buyer, or a seasoned homeowner, remember that before you invest your life savings into a pile of bricks and mortar, it is vital that a qualified, local, residential surveyor is instructed to provide you with independent professional advice. This means getting an independent report about the structure of the property and understanding any work that will need to be undertaken. This can put you in a much stronger position to renegotiate the price or asks for certain works to be done before you buy.
Avery & Co have surveyors based across the North West and North Wales who can help with all survey and valuation needs. They are all RICS registered and have great local knowledge of the area they are based in. Get in touch today to find out how we can help: Contact us or call our head office to speak to one of the team: 0330 088 5040
