News

To Rent Or Not To Rent - That Is The Question


Tuesday 9th August, 2011 - 1:36pm


The question on many people's minds in the current financial climate is whether to rent or buy a property. Here, we try to shine some light on the situation so that you can make an informed decision.

To purchase a house you will need to pay a bare minimum deposit of 10%, as well as related costs such as legal fees and Stamp Duty for homes costing over 125,000. If your finances allow you to step onto the property ladder, there is no reason why you shouldn't, as house prices aren't doing much (they increased by 0.1% in March, according to Halifax).

However, the beauty of renting is the flexibility which it offers. Buying a house is a long-term commitment, but you can rent one property for as little as a year. This is often a favourable option for young professionals for many reasons. Firstly, when pursuing a career, employers often see it as a great advantage if you are willing to move to another area of the country - leading to increased earning potential. Renting is also a good option for young professionals because their earnings often increase quickly over the first 3-5 years. This means that they could improve their living situation each year by renting a new property.

Renting is also becoming increasingly popular among new families. For example, a couple who have been renting a property for several years could decide to have a child, and move into a slightly larger property. If they then decide to have another child a year or two later, they could move into a larger property again. These transitions can be very smooth and take away the stress of not having enough space to bring up a family. 

The decision as to whether to rent or buy will be determined by your financial situation and your life circumstances.

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