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When searching for a place to live, it is important to consider many aspects to see whether the money you are going to spend on accommodation is suitable enough to fulfil your needs. First of all, you have to choose between buying and renting. If you can afford to get yourself onto the property ladder and want to invest, purchasing a property comes with its many advantages. On the other hand, if it’s not possible for you yet, the second option is to opt to rent.

If you are unfamiliar with how the property world works, in both cases, you can gain expert help in the form of letting agencies such as Leo Newman who will be able to give you the best advice whatever your situation.

RentingProperty

Renting a property

Like investing, renting a property also has several advantages. The process of renting a property is less complicated and there are fewer strings attached to an extent with you not having to follow as many procedures.

Certainly, you don’t spend your savings in the same way as you would if you were buying a property and your costs go towards monthly payments to a landlord. On the plus side however, the cost of maintenance work is usually the responsibility of the property which occasionally saves you some money and hassle.

The advantage of renting a property however is that you are not forever tied down to a mortgage and are pretty flexible in terms of moving out when you need to. There is also the fact that you don’t have to go through the stresses of buying a home and cut out all the long processes.

Renting a property does have its drawbacks too though. Arguable the main one is that you pay out money but not having your own property to show for it. Instead, your money is going into someone else’s pocket. This means that your monthly rent is not an investment and you can regard it almost as

Buying a property

As rewarding as it is buying your own property, it is one of life’s biggest stresses. You have to keep in mind that it is hard to get on the property ladder in the first place, and this can take several years to achieve. There are also years and years of savings you have to consider, which means sacrificing other things in your life such as holidays and other luxuries. Becoming a home owner also involves a lot more commitment and responsibilities than being a renter. You may end up needing to renovate the home you have purchased. You have to make sure you maintain a high enough income to support your mortgage, if not you will be in danger of losing it all.

 

Which solution is the best one for you?

To answer to this question, you need to know that many other essentials are involved in choosing between buying and renting, and it depends on everyone’s individual situations and finances.

Some people do not want to buy a property because they like to move around a lot and perhaps change jobs often, therefore are never in one location for too long. Others will enjoy having stability in their life and will want to own their own home to feel safe and secure. Keep in mind that buying a property offers a kind of security and also some freedom to what you can and can’t do, howeverthe value of real estate is subject to economic fluctuations.

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