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To rent or to buy – that is the question…

Written by on August 25, 2017

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Being a homeowner is something the majority of us aspire to be. From the day we’re old enough, the challenge is on to save a sufficient deposit to get a mortgage to secure the house of our dreams (or at least a house….it may need work to make it up to dream standards!)

But last year there were reports of home ownership falling to its lowest levels in 30 years. From a peak of 71 per cent of households owning a home in 2003, we’re now at 64 per cent. And it’s not just London which is fuelling that fall – Manchester, Yorkshire and Midlands all saw a drop in numbers.

In many other countries the thought of two thirds of people owning their own home would be unthinkable. In Germany, for example, home ownership is at just 52 per cent.

Although, undoubtedly, no one wants to be paying rent in to their retirement, renting can be a better option in the short term. If you’re not sure you’ll be settling in an area – i.e. you’d be looking to sell relatively quickly (within 5-10 years) – you might ultimately pay out more buying than renting, by the time fees, stamp duty and upkeep are factored in. And there are other financial factors to consider. Earlier this year, a study showed that during periods of zero inflation or deflation renters fare better than homeowners. Similarly, recent headlines have declared that buying is now 20 per cent more expensive than renting and that it’s now cheaper to rent than to buy in more than half of British cities.

So how do you decide if renting rather than buying is the best choice for you right now? We spoke to the team at leading letting and estate agents Linley & Simpson, which has branches across North and West Yorkshire.

“Every individual’s circumstances are different and so of course the answer to whether you should rent or buy will be different for everyone,” Will Linley, Director of Linley & Simpson explains. “Financially, whether you have a deposit and can get a mortgage will obviously dictate to some extent what your options are. But even putting that aside, there may be other reasons you’d choose to rent over buying right now. Perhaps you only plan on staying in the area for the short term. Perhaps you need to move quickly. Maybe the area you want to live in rarely has properties for sale within your price range, but renting is more affordable and allows you to get the size of home you need.”

Whatever the reasons, if you are planning on renting, Linley & Simpson has produced a handy guide for tenants, which is available on its website. Taking you through everything from how to find a property and arranging viewings, to understanding the costs and terminology of tenancy agreements, it’s a handy starting point for those new to the world of renting, or who may need a refresh on what they can expect from a landlord and letting agent.

And of course, when it comes to moving day, whether you’re moving to or from a rented home or a house you’ve bought, we can help with all your removals and self storage requirements.

After all – the phrase an ‘Englishman’s home is his castle’ never specified whose name was on the mortgage!

Testimonials

Efficient, helpful and reliable. An excellent service in a convenient location.

5 Stars

Fantastic service from initial contact to locking the unit. Really clean storage, plenty of useful wheels and trolleys for moving kit around. There’s even a shower if needed.

5 Stars

Professional and helpful throughout. Good advice and clear information provided by friendly committed staff

5 Stars
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Contact Us

Leeds

The Storage Centre, Meanwood Road,
Leeds LS7 2AH

Removals:
0113 262 3000 /
0113 262 4000
Email Leeds removals

Storage: 0113 26 26 500
Email Leeds storage

Opening Hours:
Monday-Friday: 08.00 to 17.30
Saturday: 09.00 to 16.00
Bank Holidays: 10.00 to 14.00

Harrogate

The Storage Centre, Ripon Road,
Harrogate HG1 2BS

Removals & Storage:
01423 625 000

Van Hire: 01423 625 000
Email Harrogate

Opening Hours:
Monday-Friday: 08.00 to 17.30
Saturday: 09.00 to 16.00

Wakefield

The Storage Centre, Kirkgate,
Wakefield WF1 1UW

Removals, Storage & Shredding:
01924 663 555
Email Wakefield

Opening Hours:
Monday-Friday: 08.00 to 17.30
Saturday: 09.00 to 16.00




    Huddersfield

    McCarthy's Storage World
    Phoenix Retail Park
    Leeds Road
    Huddersfield
    West Yorkshire
    HD1 6NE

    Removals & Storage
    01484 799 599
    Email Huddersfield

    Opening Hours:
    Monday-Friday: 08.00 to 17.30
    Saturday: 09.00 to 16.00
    Bank Holidays: 10.00 to 15.00

    York

    McCarthy's Storage World
    Water lane
    York
    YO30 6PQ

    Removals & Storage:
    01904 238 333

    Van Hire: 01904 238 333
    Email York

    Opening Hours:
    Monday-Friday: 08.00 to 17.30
    Saturday: 09.00 to 16.00
    Sunday: 09:00 to 14:00