Search Blog

Buying vs. Renting

If you want a new home, you have probably already gone through listings of neighbourhoods, the local schools and amenities. Perhaps you have already browsed pictures of houses you might like and decided what type of property into which you want to move. But should you buy or should you rent?


It is a well-known fact that land is one of the most sound investments one can make. Property rarely depreciates, though some will appreciate faster than others. However, there are taxes to pay and maintenance fees to be met if you want to keep it in shape. 


Renting is the other option. The advantage of renting a home is that you can pay as you earn each month. You also have far fewer responsibilities than a landlord or homeowner does. It's most suitable for people who have a steady income but haven't saved enough capital to purchase a home. But even if you do have the capital, you may still prefer renting because of the flexibility.


So, weighing one against the other, what is the best choice for you? First of all, use the process of elimination to rule out what you cannot do. Purchasing property requires a lot of capital; loaning money from a bank and taking out a mortgage are possibilities to boost your spending, but paying back the interest could sap your resources for a long time. Then, if you are financially able, the question left is whether you want to commit to a single location for an extended period of time.

Economically, the best advice is to purchase instead of renting if it is within your means - it will save you a lot of money. But realistically, the choices tend to go in two directions: drive away from densely populated areas to where you can purchase a house, or sacrifice some income and rent a house closer to more densely developed hubs. For example, you could either endure the high rent costs of living within a city or purchase a home an hour or more drive from its limits - it will depend on your financial muscle and priorities.

For more information on Property for Sale Basingstoke, contact us today.
by Simmons & Sons
Posted on Sep 21 2017