Rent vs Buying

The question on everyone's mind....... 😕

Should I rent or should I buy?

Many people just cannot afford to get on the property ladder, or can they? There are so many avenues available at the moment to help especially first-time buyers.

So what should you do……….

Advantages of renting a property

• You can get a short-term tenancy, meaning you have more flexibility with moving and finding an area that suits you.

• Maintenance costs are covered by the landlord

• The rental ladder is a lot easier and quicker

• The lower financial risk of renting

Disadvantages of renting a property

• Paying off your landlord’s mortgage rather than your own

• In some rental properties, you cannot even change the paint therefore making the property to your own taste can be difficult.

• Your landlord can increase your rent when your lease is up for renewal

• You may have to move if the landlord decides to sell the property

Advantages of buying a home

• The long-term security of keeping you home if you keep up with mortgage payments

• You can decorate your home the way you want it

• Repair works are under your control so they may be done quicker than if renting

• Investment for the future, meaning you could benefit from capital growth in the long term

• The mortgage repayments are usually cheaper than renting a property

• Can’t afford a full 5% deposit why not have a look at shared ownership

So the conclusion is, is it better to rent or buy? We have outlaid our thoughts and finding but what do YOU think?

The thing that holds us back is the saving of the deposit. So, how long does it take to save for a deposit?

With house prices rising across the UK it means that deposits are becoming harder to save for.

The average property price in Portsmouth of £275,000 with a 5% deposit and putting away £500 per month will mean you would only need to save for 2 years!