Essex is a popular place and will always attract people wanting to live in its towns and villages, for the quality of life and the proximity to London. Towns like Colchester are increasingly popular with young professionals and those looking to get on the property ladder for the first time. But how do you decide when is the right time to buy in Essex? Is it better to rent in Essex or buy right now? We looked at the advantages and disadvantages of buying in Essex and renting, to help you make up your mind.
Benefits of Buying in Essex
When you buy in Essex you know that the payments you make on your mortgage are ultimately helping you own the house outright. It is an investment in your own property, not in landlord’s property. So once you have paid all your mortgage you own the property, and you will not need to pay rent again. Plus, if house prices rise in Essex as they have been doing for years, you will make a profit on your investment. Buying is also ideal for when you want to live as you wish, and make the changes you want to make to the property including investing in extensions and converting rooms. You can live as you wish, and make changes that could increase the value of the property. In addition, it may sometimes be cheaper to buy depending on how good a deal you can get on your mortgage, according to one mortgage advisor colchester offers.
Disadvantages of Buying
But you do have to realise that buying is expensive, including the fees associated with the purchase of a property. It can be difficult to move quickly if you need to, and you will need to pay for everything that breaks and organise all your own repairs. It can be hard to keep up repayments on a mortgage if your circumstances change, and difficult to move to a cheaper house.
Benefits of Renting in Essex
In Essex you benefit from being able to move quickly, depending on the contract, and it is easier to get accepted for a rental home than it is to get a mortgage. You don’t need a large deposit, either. If property prices go down you will not lose out, and you don’t risk having to pay for large and expensive repairs to the property.
Disadvantages of Renting
When you rent you never see any of that money again as it all goes to a landlord. And if you continue to rent for all your working life you will be paying rent even as you retire. You also are at the mercy of the landlord because when they say you have to move, you have to move.
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