Renting vs Buying in London: Which One is Better for You?

As an adult, there's that never-ending debate of whether you should rent or buy your own property. Renting is usually cheaper, faster and offers more flexibility than buying, but it will take money out of your pocket that you could use to buy a home. On the other hand, buying a home is a long-term investment that will help your personal situation. Both options have their pros and cons that are worth considering. This guide explores them all to help you decide if you should buy or rent a property in London.

The Benefits of Buying a House


It's always best to buy a house if you can. Buying a house is not only an investment but a way to build your home where you can feel comfortable and secure for many years to come. There are many reasons why it's a better investment than renting a house in London.

  • Security - Buying a home can give you peace of mind knowing that you have a roof over your head and won’t need to move again anytime soon. Also, renting is mostly considered a short-term only situation. You never know how long you’ll live in a place, and there’s no guarantee you’ll be able to stay.
  • Pride of Ownership - The sense of pride people get when they own their property is very strong. It is a significant milestone and a feeling of achievement to buy a home.
  • Financial - Owning your own property means you own it outright and can do what you like with it without any restrictions.
  • Being an Owner - As an owner, you can really make a house your own, decorate and make it reflect your tastes and personality.

The Benefits of Renting


Renting is cheaper than buying a property, but that doesn’t mean it’s necessarily a bad thing. You’re at no risk of paying a huge deposit, and you get to experience a variety of different places without paying for it. You’ll enjoy more freedom and flexibility with your rental, which is important if you’re more interested in travelling and experiencing different places.

  • Flexibility - You can move at any time as there is no commitment. You can move to different areas of London to test them out and make the most of your freedom.
  • Lower Upfront Costs - It’s generally better to rent than buy a property, as you’re paying for someone else’s mortgage.
  • Easier To Move - When you rent a property, it’s easier to move. You don’t have to worry so much about selling a property or making settlements.
  • Renting May Save You Money - It might be worth renting a place if you can't afford to buy one. This is because renting will usually be cheaper than buying, especially in Central London. If you can’t afford to buy
  • Easier To Change Your Mind - If you change your mind about where you want to stay, you can move straight away. Selling a house isn’t as easy, and you need to be more prepared.

Conclusion


While owning a property is what most people aim for, it can be too much of a commitment with huge risks involved. Renting gives you a lot of options, and you can always save up to buy a property whenever you get tired of renting. The question of whether you should rent or buy a property is a difficult one, but it’s important to consider your priorities before making a decision.

AP Living London is just the partner you need if you want to find an apartment in London. With more than 25 years of experience as a letting agency, we know the London market like the back of our hand. Check out our property search page to browse some of the properties we offer.