Advantages of renting:
– You only need a small deposit. Landlords generally ask for a deposit of one month’s rent plus a month’s rent in advance.
– You can rent furnished accommodation so you don’t need to buy any furniture.
– Your landlord is responsible for any repairs, maintenance and decorating to the property.
– You don’t have to pay for buildings insurance but you may want to take out contents insurance.
Disadvantages of buying a home:
– You need a large lump sum to buy. Lenders often want you to put down a deposit of at least 10% of the property’s sale price. On a £250,000 home this means a deposit of £25,000.
– As well as a deposit you need to pay stamp duty, mortgage arrangement fees and solicitor charges.
– You’ll need extra insurance. Your lender will want you to have buildings insurance and may also insist on life insurance to pay off your mortgage if you die. You may also want to take out payment protection insurance to help cover your mortgage repayments if you fall ill or lose your job. – You’re responsible for any maintenance and repair costs to your home. – If house prices fall you could fall into negative equity which means your mortgage is more than the value of your home.
– If interest rates rise your mortgage repayments could go up depending on the type of mortgage you have.
– When you want to move you may find it hard to sell.
If you are looking to rent in Sheffield please get in touch with Beloir the one stop specialists for letting and property management. For more information please call 0114 276 0462 or alternatively please email us at sheffield@belvoirlettings.com.
Source: http://bit.ly/12ziATx
