To buy or not to huy

That really is the question. And it is one that must be carefully considered before taking the plunge into either buying or renting. To help we’ve highlighted some of their pros and cons.

Buying - the pros

• It's yours. You are not paying off someone else's mortgage and are therefore making an investment.
• You can do what you like to it (although you may need planning permission for big changes!). Also you can fix anything quickly as you don't have to wait for your landlord to organise the repairs.
• You won't have to deal with a landlord or letting agent.
• Buying can be especially profitable if you are not planning on moving in the near future. 

Buying - the cons

• The cost. Legal fees, stamp duty, deposit the list goes on and on. On top of that you will need to buy furniture and fittings once you move in.
• For some people the fact that you take on a lot of debt with a mortgage can be a big turn off.
• Having to maintain your property can be expensive and time consuming.
• It is flexible than renting and you are generally tied to a property for a longer period of time.
• The property may not go up in price and then leave you with negative equity.

Renting - the pros

• It can be cheaper to rent as mortgage repayments are often higher than monthly rent.
• Renting allows a lot of flexibility. You can generally move much quicker when you are renting than if you need to sell.
• If the property is furnished this can oftern be a significant saving.
• The landlord must ensure that everything works so you don't have to deal with any maintenance issues. 

Renting - the cons

• It is not your property and you must live by the landlord's rules.
• You are not going to see the money that you've spent on rent again. You do not stand to make any profit.
• It is likely that you will not be able to stay in the property indefintely and there is always the chance that the landlord may terminate the contract.
• You may rent with other people and living in shared properties can be very difficult.