Renting vs buying in UK
Are you planning on moving to the UK? Well, you are not the only one. Many people have chosen to move to this country for many reasons. Some move for work. Some move for education. And some move because they fell in love with this country. Recently, the UK has welcomed a great number of people, who all share the same dilemma. That dilemma is – what is a better solution – renting or buying a house or an apartment. Be sure that you will need big pockets for either choice you make. Also, be prepared to do a lot of research as one bad decision can cost you a lot. However, in the end, it all depends on your budget and what you want from your future home.
Both renting and buying a home come with strings attached. Chose wisely!
Renting a Home in the UK
If it is your first time in the UK, it is a good idea to rent a home first and actually see how you like living there. Do not make any rash decisions until you are completely sure about your decision. So, try renting first. However, be sure that renting too has its advantages and disadvantages. And without further ado, here are some of them.
Advantages of Renting a Home:
- It is much cheaper than buying a home. Well, yes, if you are planning on staying in the UK for a short period of time. Also, it is cheaper if only one person needs it. Renting a home for an entire family of four or five, and in the long run, is not a good idea. Also, this option is great if you currently cannot afford to pay a deposit and mortgage due to a bad financial situation.
- Renting is more flexible. In case you have to move a lot because of business or something else, renting is simply more convenient, and again, cheaper. If you are moving a lot, there is no need to worry about constantly buying and selling your home again and again. The process of buying and selling can sometimes last for twelve months. And that is the same amount of time your lease will last. So, if your job or some other circumstances require you to move a lot, then renting a home is a much smarter decision. Also, do not forget to ask for assistance when moving internationally, as you will definitely need it.
- Fewer responsibilities and less risk. Renting a home is also great if you do not like chores and responsibilities. Actually, your only responsibility would be to pay the rent. Your landlord must take care of everything else.
Renting a home is a good idea if you are planning to stay in the UK for a short period of time.
Disadvantages of Renting a Home:
- You must respect the landlord’s rules. Well, when renting a home, it goes without saying that your landlord will always have the final say. And that applies to each and every aspect of the lease. So, before signing the contract and the lease, read everything thoroughly and make sure that you can follow the specified rules and the landlord’s guide for maintenance.
- In the long run, it will be more expensive. As previously mentioned, renting is only a good idea if you plan on staying in the UK for a short period. In the long run, you will end up losing money, because unlike paying a mortgage, which stops eventually, the rent must be paid as long as you live in a certain home.
Buying a Home in the UK
Until now we talked about renting a home in the UK and all the advantages and disadvantages that come with it. So, now let us focus on the pros and cons of buying a home in the UK. Here are some things that might help you make up your mind.
Advantages of Buying a Home:
- You will have peace of mind. Yes, buying comes with many costs and obligations, but at least, you will be the one who sets the rules and has the last word. Also, you will feel much safer as nobody can kick you out. When you buy a house, the only thing left is to pack your bags and call premiumqmoving.com to help you with your international relocation.
- There will be no limitations. When you own your own house, you can pretty much do whatever you desire. You can have pets, you can host parties, play loud music, invite people over and similar. And all those things might not be possible if your landlord does not allow it. Moreover, when you have your own house, you can change it, make modifications and renovate it according to your own needs.
- Ownership. Maybe one of the most important things about owning a home is the fact that your monthly payments are going to your own property, not in somebody else’s pocket. This is why buying a home is called an investment!
- It is going to be much cheaper in the long run. Yes, it is going to be more expensive in the beginning and the process of buying a home in the UK may last longer, but afterward, you will have your own home where you can live for free.
Buying a house can come with strings attached. But it also comes with pleasure and satisfaction.
Disadvantages of Buying a Home:
- You will be responsible for maintenance. As a homeowner, your job will be to take care of your property and your home, both outside and inside. So, besides paying bills, you will also have to take care of remodeling, fixing the most unexpected things and so on.
- You have to be prepared. One thing is for sure – buying a home is not an easy task and it requires a lot of sacrifice and commitment. Firstly, because this is a huge and expensive investment, and secondly because it requires a lot of work.