If you are looking to move out of your parents’ home or move in with a partner, then you may be wondering if you should buy a home or rent a home in Peterborough. It’s a major decision that will affect you personally and financially. While renting has its own benefits, buying a home has its own benefits too.
In this blog post we look at the advantages and disadvantages of buying a home in Peterborough. We also look at the advantages and disadvantages of renting a home. Have a read, see what you think and make the best-informed decision for you.
The Advantages of Buying a House
When you buy your own home in Peterborough you will have a home that could increase in value over time. If you have a fixed-rate mortgage you will have costs that are predictable and stable too. When you own your own home there will be tax deductions you can claim, such as first-time buyer tax relief for example. You’ll build up a powerful credit history too. Due to the fact it is your home, you can renovate, decorate and update your property as you choose. You will be the owners of your home and you’ll be able to create some equity for the future too.
The Disadvantages of Buying a Home
As a homeowner, you will be part of a long-term financial commitment. You’ll also find that any repairs or maintenance costs will be your responsibility too. This is why it’s a good idea to create yourself a buffer by paying a little into an account each month. Then, if something breaks or work needs doing on your home, you have money sent aside. Buying a house in Peterborough can be costly. You will need a down payment for your home as well as moving expenses and legal expenses too. While the value of your home will increase, this is unlikely to happen within the first few years.
The Advantages of Renting a Home
Your rent will cover the cost of any repairs to the home and some white goods including in your rented home too. These regular maintenance checks and repairs are not your responsibility. The landlord will look after it all for you. If you need to regularly relocate due to work, this is easier when you are renting a home. Credit requirements are not as strict for renting a home as they are for buying a home. The deposit for rented accommodation is much lower than the deposit for buying a home too.
The Disadvantages of Renting a Home
It is likely that your rent will grow over time. While your mortgage repayments are likely to stay at a similar level, the properties capital will go down over time and is likely to be worth more. You will not be able to build up equity during your time renting. If you are a pet lover, you may struggle to find a rented property in Peterborough that allows pets.
If you are ready to get on the property ladder, or would rather rent a home in Peterborough, call us. Here at Letters Group we offer house sales and lettings. Our friendly team can help you find the perfect property for your needs.