If you’re looking to relocate, or perhaps move into your first property, it can be difficult to know whether you should buy or rent.
It’s a tough question, as there are positives and negatives to both sides of the argument.
Buying will give you an asset once you’ve finished your repayments, but renting often has extra flexibility, and could even work out cheaper in the long run.
If you do choose to rent, you won’t need to worry about maintenance, upkeep or conveyancing costs either.
On the other side of the coin, you will be more restricted in terms of decorating or any extensions you may want to add to the property.
While a tracker mortgage may seem appealing at the moment, as you will be actually own the property once your repayments are complete, the rates for these are likely to rise soon in order to counteract the effects of inflation.
This means it may actually work out cheaper to rent in the very near future.
The choice of whether to buy or rent is always a personal one, and the answer often depends on individual preferences.
If you’d prefer to be free to move around, renting’s probably a good option. If you’d rather settle down, buying a home is a good way to do so.