Housing markets and housing expectations are continually changing, with individuals, couples and families searching for houses to buy in Plymouth everyday. Much of UK society feel the pressure to buy a property rather than rent a property long term, but is homeownership actually that much more beneficial? In comparison to 50 years ago, buying a house has become more expensive and in some circumstances, harder to qualify for, in regards to mortgages. However, government schemes and competitive mortgage brokers provide the opportunity for low-interest mortgage rates, personalised for the applicant and property in question.
How your circumstances impact your mortgage applications
Your income, your age, your credit history and your employment type are factors that will impact your ability to be accepted for a mortgage. The largest group of homeowners in the UK are aged over 60, so if you don’t feel ready to own a property yet, don’t feel pressure to make this big financial decision just yet.
With applications to rent requiring less stringent checks the circumstances accommodated for renting a property are a little more flexible, with private renters not requiring to submit quite as lengthly paperwork. Most rental applications are accepted and those that need to be adjusted to include additional safeguarding of the property or agent, can be amended to allow longer rental leases and guarantors. We are highly rated as lettings agents in Plymouth, so you are safe in our hands for your first lettings experience.
Your future family plans
Renting offers the flexibility of moving if your family unit grows or flies the nest. As baby bumps arrive or elderly family members come to live with you, renting a property in Plymouth with an extra bedroom is usually a lot less expensive than purchasing a property for sale, along with all the moving costs.
On the other hand, if you are owning your home and require extra space in the future, you have the option for home-extensions or simply to reinvest your money into a new property. At DC Lane we can handle your sale with the minimum stress and make the transitions to a new property as smooth as possible. There is a bonus of security when owning your own property, with no worrying that your family may have to find a new home if a landlord wanted to sell up. The long term value for a family, of buying a property in Plymouth, is that you have some equity to leave to your children and loved ones in years to come.
Your job requirements and flexibility
When you have a secure job, especially when you are employed by a company, owning your own home can be a financial move that feels like it can be made confidently, but consider what your employment expectations will be in years to come also. Are you aiming for that job that requires moving location? It is excellent that you have landed a job in Plymouth, but is the managerial position you seek based in Cornwall? If you are unsettled in your career or actively looking for new job opportunities nationwide, then renting a property may suit you better.
If your financial position is stable, but you need location flexibility an option you may have is to buy a property as an investment opportunity. A buy-to-let property would pay for itself and enable you to have a base in Plymouth should you need it if you cease renting a smaller or different property elsewhere.
You may find you are searching for a property to buy in Plymouth, but the perfect home for you just hasn’t come not onto the market yet. Renting a property with a short term lease could enable you to bring your family, work and belongings to the city and give you a little less pressure when house hunting. Some short term leases offered by estate agents in Plymouth can be as little 3 months, but it is always worth enquiring directly and discussing your circumstances to see what arrangements and properties are available.
The rental market
Finding a property to rent in Plymouth is usually much quicker and more accessible over buying, with estate agents eager to find landlords the perfect tenant for the property and secure that monthly tenancy. There are a growing amount of flats to rent in Plymouth and the rental market is buzzing with new properties available every day. All of our properties are snapped up quite quickly, so getting in touch or popping into the office is a great way to see what we have available, right now.
The sales market
The housing market for sales is also bustling, but house prices are always on the move, so it is essential to keep a close eye on the property market if you are looking for your perfect place. If you are working with being stuck in a chain or time constraints, this is even more important. – sales marketing, post covid everyone wants to move here, house prices are cheap in comparison to other south coast, a lot of property that needs improvement.
Can you afford it?
This is a question you need to ask yourself whether you are buying or renting a property. If you are renting, you will sign a tenancy agreement that means you agree to pay the amount until your lease is up. This means if you move in with your partner and 2 months into your 6 month lease you part ways, you may both be liable to for rest of the rent for the 6 months whether you both live there or not. There are some exceptions, but these are lettings agents and landlord dependant.
A mortgage has the same principles, you are responsible for making the payments for the stated time of your contract, however, these are usually many many years long, and missed payments could result in your property being repossessed – which can even mean the bank selling your property at a loss.
If you are not sure whether renting or buying a property is right for you, why don’t you pop into our office for a little friendly advice? We can recommend a fantastic mortgage advisor if needed, and our team can explain clearly the process of buying or renting a property with DC Lane Estate Agents.
Book in today or pop to our office at 99 Mutley Plain, PL4 6JJ
As a reputable estate agents and lettings agents in Plymouth, we stay up to date on the latest housing and rental market trends. You can read our most recent overview > here <.