Wondering whether to rent or buy in Colchester? Paying for a house or flat takes a lot out of your pay cheque on a monthly basis, whether you are renting or buying. There are many factors to consider when thinking whether to buy a property. Making the wrong choice now could result in problems in the future. Both renting and buying have advantages and disadvantages. The question is what do you want from your home? The answer will be different for everyone.
Here we debate the pros and cons of renting and buying in Colchester to help you decide what to do next in your property journey.
Advantages of Buying a Home in Colchester
You will pay more upfront to buy a property but purchase usually works out cheaper in the long term. You will save money if you want to stay in the same property for a long time. You can also feel secure that the money you are paying to your mortgage is going to pay off the loan over the long term. You are not simply putting money into someone else’s pocket.
You are making an investment. You may make a profit if you sell when the value of your house has risen. When you buy, you can do whatever you like in the property (within reason!). There are no limits on pets, or smoking, for example. You can renovate or redecorate or rent out a room. You also have the peace of mind that, so long as you continue making your mortgage repayments, you will not be asked to leave.
Disadvantages of Buying a Property
Buying a house or flat in Colchester is expensive in the short term. You need a sizable deposit and the money for fees and stamp duty. You need to have stable finances and a job or employment that will support you and allow you to apply for a mortgage. You will also need to pay for all the maintenance of the house. Buying a house is a huge commitment. If you decide to move, it can take a lot of time to sell your house and it may have decreased in value.
Advantages of Renting a House in Colchester
When looking for property to rent Colchester has many options. You’ll find large family homes and tiny furnished flats. There are older properties and new-builds. You will be able to find something within your budget that suits your requirements. It is cheaper to rent a house and you won’t need a massive deposit or to pay for any maintenance when you are in the property. Renting suits people who are not in the right financial place to buy at the moment. Renting also offers a great deal of flexibility so you can move when you need to. There is less risk and more freedom.
Disadvantages of Renting a House
Rental means someone else is benefiting from the money you pay to live in a property. The biggest downside associated with renting is the lack of an investment for the long-term.
And you don’t have any say over how the house is renovated or whether you can keep pets. Your landlord may increase the rent each year and could sell the property before you are ready to leave.