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Pros and Cons of Renting a Property

There are several people in the world who choose to rent weather that is for personal reasons or financial but there are definitely pros and cons for both.

This is a list compiling these from our perspective.

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Buying –

Cons – If you buy a property you do have a large amount of money that you will need to save for the deposit of the house that will need to be paid up front.  You will also need to have back up money due to the fact that there will be searches to pay for, insurances, any repairs or maintenance within the property and solicitors.  You are also solely responsible for the property, the bills and everything that comes with it. When it is winter it will get cold and you will need to find ways to keep warm. This is a cost that is worth every penny but we suggest getting a Boiler Installation Cheltenham company found at combi-man.com to come and put a new system in for you to guarantee 100 percent effectiveness.

Pros – You will probably pay the same amount on your mortgage payment per month as a rental so instead of throwing your money into someone elses hands and not get anything from it at the end you will actually be paying towards owning the house.  When you do any renovation you are adding value to your own house and if you want to you can remortgage to get equity you can or sell up and potentially off made a profit then its up to you.

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Renting –

Pros – The great thing about renting is you have a landlord that is responsible for repairing any defaults that are not of your doing.  They have a duty to get someone in or they could do it themselves off course as long as it’s done safely and to a high standard.  If things go wrong at work and you don’t have enough money to pay for your rent you can give notice to leave and be out within a month.  You can also set up deals with estate agents that under some circumstances they will over rent if there is an emergency.

Normally if you rent you tend to get a nice quality property that sometimes is newly refurbished.

Cons – You still have to pay for phone lines, electric, internet costs and other utilities.

More often than not you end up with a lack of storage, a lack of seating and a very small dining area.

 

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