Should you Rent or Buy in Oxfordshire? In this article we’ll cover the benefits and downfalls of both and what you need to ask yourself to make this decision.
The pandemic shocks to the U.K. are showing up in all manner of ways. But one of the hardest to resolve will be the red-hot residential rental market.
With more than 28 applicants circling each property available for rent — an all-time high according to Propertymark, the membership body for property agents — this is a dysfunctional marketplace. Estate agents have an average of only five properties to offer, and some branches have none at all. Rents across the U.K. have surged more than 10% over the past year as pandemic restrictions have fallen away. So, should you Rent or Buy in Oxfordshire?
Advantages to renting a home
- Short-term tenancies can be as little as three to six months and you can move after this time if it doesn’t work for you.
- Being able to give notice to vacate gives you flexibility to move to a different type of property or to a different area.
- Moving out of a rented home can often be quicker than selling a property, which is useful in case a relationship breaks down. Renting can also be a handy way to test a new relationship.
Disadvantages to renting a home
- Big upfront costs to pay when you move house, which can include a four to six week deposit and your first month’s rent.
- Your landlord might decide to increase your monthly rent when your lease is up for renewal.
- You can’t redecorate without the approval of your landlord.
Advantages of owning a house
- In the long run you will have the security of a home without the risk of a landlord booting you out.
- You can decorate your home without asking permission from anyone.
- You have control over organising repair works which might be done quicker than if you were renting.
Disadvantages of owning a house
- Saving for a deposit is hard work and takes a long time, particularly as house prices are rising which makes it more expensive.
- You have to pay mortgage and legal fees and might have to fork out on stamp duty too.
- If repairs need doing, you have to foot the bill.
To answer the question ‘Rent or Buy in Oxfordshire?’, we can’t give you a definite answer. It’s completely situational and one may be a lot better for you right now. IMS Property Solutions can help with both.