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To Let or to Buy that is the Question?

June 16, 2020 9:50 am

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The question, do I buy or let a property that is going to become my home and then finding the right answer for different people and their individual situations is a difficult one. If this is a first home and you are moving in as a couple or just as friends probably a rental property would be the easier and simpler solution.  Most Landlords offer a starting lease of six to twelve months followed by a rolling monthly contract so if things don’t work out the tenants can move out fairly quickly and easily.  The owner of the property is liable for maintaining the property so you won’t have any costly repair bills.

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There are of course disadvantages to consider when letting a home, any alterations have to be approved by the Landlord, some do not allow pets or even children and any money outlaid on rent and improvements will never be returned.

Buying a property means at the end of your mortgage term the home will be yours and any alterations or improvements are up to you as long as you can afford the cost.  Life insurance for mortgages are essential and can be provided by companies such as https://www.cavendishonline.co.uk/life-insurance apart from the cost of the mortgage itself and the Insurance there are lots of other essential household expenditures that will need to be accounted for.

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At the end of the day it’s a personal decision that needs to be carefully considered and thought about before making a commitment as whether to Let or to Buy.

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