There is no definite answer as to whether you should buy or rent a property, and we are here to help you on both paths.
The upfront cost of buying a property is more expensive than renting. Buying a property comes with the cost of a deposit, stamp duty, a mortgage and the monthly repayments. You will also need a solicitor to help with the legal side of the purchase.
Saving for a deposit takes some dedication and commitment, so if you have your deposit already then that’s a huge achievement. If you haven’t, take a look at our guide on How to save your money for a house deposit to get you started.
You will find mortgage lenders asking for deposits, so speak with a mortgage adviser or lender to work out how much you can afford.
You still need a deposit to rent, but it is much cheaper, usually between 4 and 8 weeks rent upfront.
When owning your own home, you also have to pay for the maintenance the property needs. Any work will add to your outgoings, but when you rent this responsibility usually falls on your landlord.
However buying a house could be cheaper in the long-term, as you have the constant monthly cost of renting towards a property that isn’t yours. With a mortgage you are buying the property for a set number of years and building equity.
Renting is a great way of living somewhere for a shorter period of time, whether that’s for a temporary job or to stay local to family, without any additional costs. If you decide to move when you have bought a house you could face additional charges, such as an early repayment charge on your mortgage.
Renting is much quicker in terms of the process of getting you into the property. You have the most flexibility.
There’s no right or wrong when it comes to renting or buying a property, just what’s right for you and your circumstances.
