When you’re looking for a property in London, you may want to enlist the services of estate agents in Fitzrovia. However, before you do this it might prove beneficial to consider whether you want to buy or rent property first. There are, of course, benefits and drawbacks to both, so it is important to carefully consider what exactly it is that you need.
Renting property is, of course, preferable to buying property if you are only going to live in the area for a short period of time. Even if you are unsure of how long you will be in the area for, it is still wise to rent. However, people with small budgets also find it preferable to rent property as they would struggle to pay a mortgage. Other costs, such as a deposit, are often significantly less when you rent so it is often more feasible financially than buying property.
When buying property there are a number of things you need to consider. First of all, you need to be sure that you will stay in the area for long enough for it to be reasonable to have a mortgage. Although most mortgages are portable, there may be complications or fees if you want to move home again. You also need to be sure that you can afford the mortgage. Although your bank will assess you before they give you a loan, there are some other things worth considering like the likelihood of you having children. The house you can afford now might not be so affordable with a few children to pay for too. That being said, if you can afford the deposit and the mortgage, and you’re not planning on moving house again anytime soon, then buying is often the better option and what you should discuss with estate agents in Fitzrovia. Evidently, when you rent property you are paying to live somewhere but never get anything else in return. When you buy property, however, you also own the property at the end of the payments.
Whether to rent or buy is also important to consider in when it comes to decorating and pets. Lots of landlords are strict when it comes to decorating, as they will have to rent it to someone else if you move on. Any extravagant colours or themes, therefore, are often frowned upon or banned by landlords. Similarly, lots of landlords won’t allow pets in their property for fear of noisiness and damage. So if you plan on having animals in your home it may also be beneficial to consider buying when discussing your options with estate agents in Fitzrovia.
For more information about commercial and residential property to rent or buy in Fitzrovia, visit Davis Brown today.