Would you rather?

Fancy a Game of ‘Property Would you Rather’?

When it comes to finding a new home, there are many factors to consider, and the decision can be overwhelming. Would you rather live in the city or the countryside? Rent an apartment or a house? Own or rent your property? These are all essential questions buyers and renters must answer before deciding. Maybe you are open to all possibilities and have a ‘the world is my oyster’ mentality…if so, the house-hunting process will be a lot more fun!

We thought it would be interesting to publish a ‘would you rather’ blog focusing on some of the questions you might face when searching for your next home. It might only scratch the service, but it’s a good starting point. Right, let’s go…

Living in the city versus the countryside

One of the first factors to consider when choosing a new home is the location. Would you rather live in the hustle and bustle of the city or the peace of the countryside? There are pros and cons to both options.

Living in the city is convenient in many ways, with easy access to transport links, shopping, and entertainment; you have anything you need right on your doorstep. You can walk or take public transportation to work, and there is always something to do. However, the cost of living in the city is generally higher than in rural areas. Statistically, the cost of living in London is almost a third higher than in Manchester and nearly double that of Glasgow. Those are some crazy figures. Living in the countryside is often more affordable, and you can enjoy a slower pace of life if that’s more your thing. However, you may need to travel further for work or other activities, and transportation can be more limited. Additionally, internet and phone coverage can be spotty in some rural areas – something that can prove a massive headache in this modern age of remote working.

Covid caused a change in living habits for many people. With a large percentage of the population suddenly working from home, living close to an office wasn’t so much a priority, and home comforts moved up the priority list. Fast forward to the current day, these habits have remained the same for many people who now have a totally different tick list when searching for their dream home.

Living in an apartment versus a house

Once you have decided on a location, you need to consider the type of property you want to live in. Would you rather have an apartment or a house? Each option has its own set of advantages and disadvantages, but you can only go with what works for you.

Renting or buying an apartment is generally more affordable than a house, and you may have access to other shared amenities. However, apartments can be smaller and less private than houses, and you may have less control over the maintenance of communal areas such as bin stores, bike stores or shared garden spaces. If the other residents aren’t doing their bit, it can lead to some tricky negotiations. Additionally, noise from neighbours can be a problem in some apartment buildings. Having the right neighbours can make a massive difference to your living conditions, and with the right neighbours can come the dream apartment. On the other hand, choosing a house (usually) offers more space and privacy, and the outdoor area will generally be yours to enjoy as you wish…that’s if you want a garden; only you know what works for you.  There is so much to consider…

Owning versus renting a property

Finally, you need to consider whether you want to rent or own your property. Owning a property offers long-term benefits, such as building equity and having more control over your living space. However, owning a property also comes with financial responsibility, including mortgage payments and maintenance costs…to name just a few. Being a homeowner isn’t cheap!

Renting a property offers more flexibility, as you can move easily when your lease is up. You have no ties. Additionally, you do not have to worry about maintenance and repair costs, as these are the landlord’s responsibility. However, you do not build equity and may be subject to rent increases or eviction. In a nutshell, owning a home is a bigger commitment in many ways but also gives you more security, financial gain (usually!), and much more freedom and privacy. And you get to do what you want when you want. You hold all the cards.

When considering the pros and cons of owning versus renting a property, it’s important to consider the costs associated with each option and determine which is the most financially feasible for you. This may involve working with a financial advisor or mortgage broker to explore financing options within your means. The outcome of this may take the decision out of your hands.

So many questions…

Before deciding, visit potential properties in person and ask plenty of questions. Consider factors such as the condition of the property, the neighbourhood, and the proximity to amenities such as schools, parks, and shopping. Additionally, read the lease or mortgage documents carefully and ensure you understand all terms and conditions before signing.

There may be other factors to consider when deciding on the what, why and where of your new property, such as your long-term goals and lifestyle preferences. For example, renting may be better if you value flexibility and don’t want to be tied down to one location. On the other hand, owning a property may be more appealing if you want to build equity and establish a sense of stability. Proximity to schools and nurseries is also relevant if you want to start a family. There is certainly a lot to consider.

Overall, the decision behind picking your new home is personal to you, and it’s important to carefully work through everything involved before making a decision. It can be a daunting task, but by considering all factors carefully and doing your research, you can make an informed decision that meets your needs and fits your budget. Take into account your lifestyle, finances, and long-term goals. Consider working with a reputable estate agent who can help guide you through the process and provide valuable insights into the local housing market…basically us!

You know where we are if you need us…