Such a controversial topic; some say renting your home is a waste of money and they have saved up for a housing deposit instead. In any case, not everyone has an equal chance to put their foot on the property ladder and become first time buyers in York; for some, it takes slightly longer. Here we will weigh the benefits of buying or renting a property in York.
Speaking to one of our dedicated mortgage advisors in York before committing to purchase, they can not only find you a suitable mortgage but recommend mortgage protection insurance as well. That said, taking out a mortgage is a big commitment, and the priority is finding you a fair deal to match your circumstances.
We tend to find that for some, their mortgage payments are cheaper than the rent they were previously paying, depending on the area. Interest rates vary, which means your mortgage payments can go up and down unless you take out a fixed-rate mortgage, so your payments stay the same for a set period. On the other hand, if you are renting your landlord may choose to increase your monthly rental.
Some people enjoy the security of home ownership with no landlord telling them what they can and cannot do in the property. Whereas if you are renting, your landlord could choose to sell the property and you may have to move out.
However, in some cases, if your landlord does choose to sell the property you are renting they may offer you first refusal. This will save time and some fees such as estate agents fees.
Of course, renting is more flexible than purchasing a property. Nothing is stopping you from giving your landlord notice to leave if you decide to move to another area.
Whereas if you own a property and decide to move you will usually have to arrange the sale, which can take time. Alternatively, you could look to rent out the property however, this will be subject to your financial position whether this is possible or not.
If you think you may not be around in an area for very long, you should consider whether it is worth buying. Buying somewhere should be viewed as a long-term investment whereas renting is a short-term investment.
As a tenant, your landlord should be responsible for any significant repairs. Some letting agents and landlords are better than others when it comes to repairs; however, you might end up doing some minor maintenance of the property yourself, even if you are renting.
If you are a homeowner, then all this is down to you, insuring the property will be a condition of any mortgage you take out.
Contrary to what some people might say, owning your own home is not for everyone. Suppose you are young and moving in with your partner for the first time. There’s nothing wrong with renting for a while. Unfortunately, things don’t always work out the way we plan, and it can be tough to get removed from a mortgage.
Buying a home is an enormous financial commitment, and everyone should consider all the options before diving in if you decide to rent though it may take you much longer to save up for a deposit.
Ultimately, most people decide they would prefer to buy over renting. Whether you are renting or paying a mortgage, you are making monthly payments to live somewhere, and most would rather see this go towards their benefit than someone else’s. It is sometimes just a case of getting your timing right and being in the correct financial position to proceed.
If you are looking to purchase a property as a first time buyer York, we are more than happy to help!
Date Last Edited: December 22, 2023