A dilemma that affects millions of young people is the decision whether to buy or to rent a property. There are so many factors to consider when taking that first giant step to buy or to rent a home. Buying a home is the biggest financial decision you will ever have to make, a huge commitment to paying a large mortgage over the next twenty-five years or more. Can you afford to buy, that’s really the first question to ask yourselves? You will need a large deposit, extra money for survey costs, possible stamp duty, legal costs and if it’s your second home or you already have lots of possessions then removal costs.
Once you’ve purchased your new property, apart from making sure you pay the mortgage every month there are several other bills to consider. Utility bills, such as gas, electric, cable and phone bills all add up and you will need to budget your income to make sure all your outgoings are covered. When trying to secure a mortgage most lenders will look at the amount of money you earn and will lend you money on what’s known as a Loan to Income Ratio. For advice from Cirencester Conveyancing, try visiting https://www.montpellier.legal/conveyancing-solicitor/cirencester-conveyancing/
Maybe renting is the better option for you, there is no large mortgage deposit to pay. Though you will still need to pay a deposit and a security deposit on a rental property so you will need to have a considerable amount of money saved. When renting anything that goes wrong in the house should be put right by the landlord so large repair bills are normally avoided. Renting is a great idea if you’re looking for a short-term option to living independently.