The debate of buying vs renting has gone on for decades, and it is something we have covered previously in our news articles. It did however feel like a time for a bit of a refresh, and to acknowledge that a lot of people now don’t have the choice of whether to rent or to buy.
If you are in the lucky position to have a choice (and are interested enough to have clicked this article), we’ve compared the benefits of both renting and buying to give you the information you need to make an informed decision.
What are the benefits of renting?
- You can choose the short term - If you’re not sure about what type of home you want, or where, you can rent for the short term to allow you to figure out what you want.
- You can choose to change - If you want to look at a different style of property, you can move and try that with relative ease.
- You don’t have to cover maintenance - Your landlord will be looking after the property, so big jobs like the boiler going are someone else’s responsibility.
- You don’t have any further fees - When you buy a home, you will need to pay solicitors fees, and stamp duty, which you don’t have to worry about with renting.
- You can get everything included - Depending on the rental agreement you go for, you could get fully furnished or bills included to ensure everything is covered at once.
What are the benefits of buying?
- You have long term security - So no landlord is going to decide to sell the property and give you notice to leave. It is on your terms when you move.
- You will own the house - You pay monthly instalments towards your mortgage, this goes towards paying towards your own home, and not your landlords.
- You can build equity - Any improvements you make to your home can create equity, meaning it is easier to trade up if you want to move again.
- You could make money - Ultimately this is your home and not the first thing to think about, but it is a consideration that if house prices rise, you will pocket the profits.
- You have free reign - Decorate as you want to. Have pets if you want to. Change utility providers if you want to. Decide when anyone else is in your home. You have the choice.
Jelson Homes specialises in building new homes, so we have a soft spot for the buying route. Here’s what our sales manager has to say on buying a home over renting:
“If a prospective homeowner has the savings (or a gift from the bank of Mum and Dad) to put down a deposit, and can meet the monthly mortgage payments, the wisest choice would be to purchase, safe in the knowledge that they are on their way to joining the ranks of the 14 million or so owner-occupiers who live in England today.
“The benefits of home-ownership certainly stack up. For a start, remember that the monthly mortgage payments are going towards buying a home and not lining the pockets of a landlord – and it’s nice to know that there could be profits to be made when house prices rise.
“New homes today are also so much more energy-efficient, built to exacting standards and usually carry a ten-year warranty. And because purchasers can move in as soon as the home is completed, occupying a new-build also removes the threat of an upward chain. That means no need to wait around for long chains of properties to complete. Good news for all!”
So overall, if you live a more travel-based lifestyle where you want the freedom and flexibility to move as you want, then maybe renting is more for you. If you’re looking to really put some roots down and take the more financially savvy route, then buying is the way to go.
This could be easier said than done for a lot of people, but there are a number of buying schemes that could help you to get your first step on the ladder. You can find out about the schemes that Jelson offers over on our ‘Helping You Move’ page. If you’re feeling inspired and are ready to find your new home, you can find all our latest properties here.