London is England’s capital city and a thriving metropolis of beauty, business and culture. Not only does London have a booming tourist economy, but it is also a business centre for all of Europe and has luscious green spaces throughout, such as Hyde Park.
If you want to live in London then you will need to decide whether to rent or buy a home. There are a variety of benefits to both renting and buying, and your ultimate decision will be completely dependent upon your personal circumstances.
How Long Do You Want to Stay?
One of the first and most important questions you need to ask yourself is how long you intend on staying in London, or a particular area. If you don’t plan on staying somewhere for an extended amount of time, then renting is definitely the best option as it gives you a lot of flexibility.
London is a great place to live in.
With renting, you sign a contract for a certain amount of time, usually a minimum of 6 months. This can be extended on a monthly rolling basis, and is perfect if you don’t plan on staying in the same area for a long time.
However, if you plan on staying for the foreseeable future, or think this is the place that you will settle down then buying a home is a better investment. While renting gives you flexibility, the cash you pay is often described as ‘dead’ money, as you won’t see any return on it.
When you buy a home, you will most likely have monthly mortgage repayments to make, which are equivalent to paying rent; however, you are paying off a mortgage loan and buying property. This means that if you ever come to selling the home and moving on, you would hopefully make the money back, and more, depending on the market.
Another factor to consider is the amount of freedom you would like to have in your home. If you have pets, it is often a lot harder to find a landlord that is happy with you keeping pets. Equally, when renting a property you usually are not permitted to redecorate or make any significant changes to the building.
If you buy a home, the space is completely yours to do with as you wish. You can have pets, guests, redecorate to your heart’s content and not have to ask permission from anyone!
When it comes to looking after your home, there are certain maintenance benefits with renting, in that your landlord is responsible for any issues and must fix them. These issues are usually to do with the heating, plumbing or electricity and can be caused by a variety of factors beyond your control. Ultimately though, this means that you won’t have to find someone to fix the problem, and you won’t have to pay them either!
And don’t forget that maintenance of leased property also extends to cleaning “You may choose to have your property professionally cleaned every week or fortnight, but if not, always remember that you should at the very least instruct a firm to do a thorough end of tenancy clean, to ensure you get your deposit returned intact” says end of tenancy cleaning specialists Proclean (http://proclean-glasgow.com/end-of-tenancy-cleaning-glasgow).
If you buy your own home things are a little different. As the home is yours, you are responsible for any and all maintenance problems. Many people decide to pay for insurance; this means they can have problems fixed quickly and easily, and won’t incur any unexpected bills.
A final factor to consider is that, although buying is a longer process than simply renting, it gives you invaluable life experience. At some point in their lives, most people will buy a home, and the experience gained through this endeavour can be very helpful to yourself and others who might ask you for advice.
London is an iconic city.
Although renting might seem like a more immediate and quick solution, the financial investment and experience gained from buying a home can be very advantageous.
London is a beautiful city with a huge variety of homes to rent and to buy. Whatever you decide will be completely dependent upon your personal circumstances, but if you take these factors into consideration, it will help you make the right choice for you.