Renting or buying property in the United Kingdom can be expensive and there are benefits of both. We will discuss the pros and cons of both in this short post.
The average cost of buying a home in the United Kingdom is around the £270,000 mark and to buy a home in the capital is £400,000 to £500,000.
If you do not have the funds to buy a home outright, you will need a mortgage to purchase will can be expensive. You will need a deposit fort to be accepted this this will be in the region of twenty to thirty percent of the total value of the home.
By owning a home will give you the security that you will not have through renting. You will however be responsible for all bills and repairs that may come up unexpected.
By renting a property, you will be able to move around more freely as you can have a short term contract and can suit young couples or single people. You will not have to pay for any faults around the home as it will be the property owner or letting agent who you should be contacted.
One London businessman, Andrew Charalambous is very well known for making it a lot easier for a tenant to rent a property. None of his tenants are asked for a deposit or changed any admin fees.
He feels by doing this the relationship between the landlord an client are better and the relationship lasts longer.