One of the biggest financial decisions that you’re likely to make in your whole lifetime is whether or not to purchase a property. For many people, buying their own home and committing to many years in the same place isn’t appealing until they’re slightly older and settled into a career. For others, buying a home is a priority. Whether you buy or rent completely depends on your circumstances and the budget that you have. So which one should you choose?
Owning a property is a large commitment so it is crucial that the decision is thoroughly considered. However, there are a lot of benefits to home ownership, including the fact that your home will be yours and could potentially gain value, allowing you to make a profit from it in the future. If you choose to downsize in retirement, you’ll be able to use the additional money to enjoy the years comfortably. You won’t need to worry about rent, as you will have already paid off your mortgage and in some cases, monthly mortgage bills can be cheaper than renting.
However, home ownership doesn’t come without downsides for some. It is a very large investment and one that you need to be certain that you’ll still be able to afford, even if faced with unemployment for a few months. Flexibility is also reduced, so think about whether you’d like to relocate in the near future and if so, purchasing possibly may not be for you and renting may be a better option.
Sometimes you may not be better off financially with a mortgage than you would as a tenant, and other times you may be. It depends on your individual needs, wants and wishes. We highly recommend that anyone who is still unsure what is best for them to come to us.
We specialise in property and block management in Bexley and the rest of London, and we can help everyone searching for assistance and guidance with investments or renting. We deliver a wide range of services to a diverse list of clients and always go the extra mile to make sure that their needs are completely fulfilled. Contact us today to discuss your needs with a member of our professional team. From providing full management to helping you locate the perfect property to buy or rent, we can help you with all your property-related concerns.