The journey of a thousand miles begins with a single step.
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When people make the decision to move into a new property, one of the most important choices they are going to have to make is whether they should rent or buy a home. There are various pros and cons associated with each option, so it is important to weigh things up properly and consider your own personal situation before you make a choice.
Here we will examine just a few of the reasons why buying a home may be right for you, so that you have everything you need to make a decision.
It’s Yours To Do What You Want
One of the biggest restrictions that people who rent their properties face is being able to decorate or change aspects of the house. In most cases, they will need to ask for permission from their landlords in order to make any changes to the décor, some of which may end up not being granted if the landlords wish to keep their properties in pristine condition for their next tenant. By contrast, if you own the home you are free to do whatever you want in terms of interior décor. Of course, extensions and the like are subject to various planning permissions, but even then at least you have the option.
It’s Generally Cheaper
The monthly cost of a mortgage on a home is generally cheaper than renting an equivalent property. While you may occasionally get lucky and find a rental property that has similar costs to a mortgage, it is an increasing rarity as the market moves more towards providing properties to rent for a generation that is less likely to purchase a home. Of course, you do need to take initial fees and deposits into account, but once those are settled your monthly house costs should be lower.
The Money Goes Somewhere
In addition to often being able to pay less every month for the property when you buy, you can also be safe in the knowledge that your money is going somewhere other than your landlord’s pocket. Each mortgage payment that you make allows you to build equity in the house, which means you are making an investment. If you decide to move at a later date, you will actually get some money from the sale, rather than just packing up your things and leaving like you would if you were in a rental property.
Greater Privacy
If you are renting a property, the odds are high that you are going to have to deal with occasional invasions of privacy, particularly as your landlord will need to come round every so often to check the property over and make sure it is being kept in good condition. Of course, good landlords will provide you with plenty of notice before they come over, but even so it is an invasion of privacy that some people may not appreciate.
The Final Word
So we have looked at some of the reasons why you may consider buying a home this week, which also gives something of a negative view of renting in the process. Next week we will take the other tack and look at the advantages of renting a home instead, to make sure you have all of the information you need to make a decision.
Here at Hills Estate we want to provide as much advice as possible to people on both sides of the property rental market. In addition to helping property owners with all of their concerns relating to letting agencies and property management, the team also aims to provide advice to new tenants relating to the issues that they need to keep in mind when renting a property. All of the below are important considerations.
Read The Tenancy Agreement Properly
Your tenancy agreement will essentially determine the things that you can and can’t do in the property, such as redecorating or keeping pets, in addition to detailing the ways that you will be able to communicate with your letting agency or landlord. You need to make sure that you read the agreement properly before signing it, as it is a legally-binding contract that you will be expected to abide by. Raise any issues that you have before signing, as many landlords are flexible enough to make alterations as long as the changes are fairly minor.
Check Everything
When you go to view the property for the first time, you should make it a point to check everything. Examine the electrical sockets to make sure there are no signs of damage. You may even wish to bring a device, such as a phone charger, that you can use to confirm that they are all in working order. You should also test any taps, toilets and showers in the property, as you have the right to expect that these will be in working order unless you have been specifically told otherwise.
Ask About Deposit Protection
You will usually be asked to place a security deposit on the property, often in addition to paying your first month’s rent in advance. These deposit is taken for the landlord’s protection, so that they can repair any damages that result from your tenure in the property that cannot be put down to general wear and tear. However, it is also important that you remember that this deposit will be returned to you upon leaving the property, assuming that no damage is recorded. As such, it is a good idea to check with your landlord or letting agency to find out where the deposit is being kept. You should also familiarise yourself with the dispute resolution service that each organization – the Deposit Protection Service, Tenancy Deposit Program and myDeposits – uses in case you need to make an argument against a landlord.
Confirm The Inventory
You work isn’t done upon moving into the property either. You should be presented with an inventory that details what is in the property and any pre-existing damage, such as cracks in plaster, already exist. You should spend your first day in the home examining the inventory and making note of anything that is missing or any issues that haven’t been highlighted. This will mean you’re protected when you do leave the property.
As always, the team at Hills Estate is here to provide advice and guidance to any new tenant who needs it, so please don’t hesitate to contact us if you have any questions.
One of the main issues that landlords have to face when they start renting a property out is finding a reliable letting agent who will be able to manage the building appropriately, ensuring that all relevant updates relating to maintenance and tenant feedback are relayed to the landlord quickly in the process.
Unfortunately, many make the mistake of hiring the first letting agent they find, which can lead to issues involving the management of their buildings. These concerns should all be considered before you make your choice.
What Do You Actually Need?
Different landlords like to have different levels of control over their buildings and how they interact with tenants. Some like to get involved, conducting visits and essentially managing their properties themselves, only using their letting agent to help them with legal issues or to find tenants. Others, particularly those with large portfolios, prefer to have the agent also deal with the day-to-day running of the property as well. It is important for landlords to figure out what they actually need so that they can search specifically for letting agents that excel in those things.
Check The Management Contract
If you are hiring a letting agent to manage the entire building, it is crucial that you check the management contract so that you understand exactly what powers you are handing over to the agent. Also look for any information regarding dispute resolution and how you will handle things with the agent should they not meet your expectations. Make it a point to note any parts of the contract that you don’t understand and make sure that they are explained to you before you sign anything. In some cases, it may help to have a legal professional examine the contract before you agree to it.
How Well Do They Know The Area?
If you are considering a number of letting agents who all seem to have similar levels of competency, you should consider which of them has been operating in the area where your property is located for the longest period of time. This local knowledge could prove crucial in many ways, as it will offer the agent insight into what potential tenants in the area are looking for, while also allowing them a better understanding of the high points of the area that could be used in marketing materials.
Keep Copies of Correspondence
While you will ideally be working alongside a letting agent who is trustworthy, it is still worth maintaining your records properly and keeping copies of any and all correspondence that you have with them. This will again prove very useful should a dispute arise. Pay particular attention to any documentation that relates to the management of your property or any requests that you have made of the letting agent.
The Final Word
So where can you look to find a letting agency that can help you with every aspect of property management, regardless of how involved you would like to be in the actual running of the property? The answer is Hills Estate, which provides an experienced team who can offer the expertise you need to properly manage and market your property so that tenants are kept happy and you don’t have to deal with the stress that often comes with being a landlord.
