To rent or to buy a property?
Property prices are constantly on the rise, and it’s very difficult for young people to get their foot on the property ladder. My daughter recently graduated and secured a really good job. However, the drawback was that that the job was in another city and it would be impossible for her to commute from home. This meant that she would have to move to the new city.
We had to think about all the options and weigh up the pros and cons of buying a property or renting. If we choose to buy, we will have to help her out as parents for the deposit. Properties in the North of England are a lot cheaper than London and if you can put a deposit together it would make sense to buy but this is a long-term investment and needed some serious thought. However, it’s her first job and to dive in and buy a place in an unknown place was something we were concerned about and decided to start off by opting for the renting option. Not having done this before it was difficulty to know where to start. Our journey for securing a rental property began, there were many things that we needed to research.
Checking out the location.
We went to the location where her job is and checked out the area. Some of the things to look for are the prices of the rental properties in the surrounding area. Other things we had to consider were the availability of the local transport and the safety of the area. Making a decision of where to move is a difficult one and you have to weigh up many factors,
Booking the viewings and securing the flat.
The next task was to register with local estate agents and booking some appointments for rental property viewings. We tried to fit in several appointments throughout the day. To keep costs to a minimum, our first choice was to go for a one bedroom unfurnished flat. After several viewing we finally decided on a flat within 20 minutes commute to her work and with fairly easy access to the city too. The property was unfurnished; however, it did come with a fitted kitchen with a washing machine and dryer. The property was fully carpeted and had window blinds. We negotiated with the estate agent a rental and also checked the property has CIA landlord insurance or equivalent so that any damage to the property is covered by the landlord. This is important as you don’t want to be faced with a big repair bill if something happens to the property whilst you are renting from no fault of your own.
Checks to do before signing the contracts.
It is highly recommended that you check out the inventory, list any faults and damage and take photographs for reference. Once all the checks were complete and we were happy that the property was right, we made sure we read all the small print in the contract before signing it. We also made an agreement with the estate agent that the landlord they will put everything right and the property will be in good order before the moving in date. A months deposit was required, so we made sure that we had adequate funds organised.
Basic essentials to buy for the move.
Once we had signed the contract, we made a list of basic essentials that were needed like a bed, desk, small table and chairs and some sort of storage for clothes. Charity shops and gum tree are a great place to source cheap furniture. We opted for Ikea that do an inexpensive basic range. We kept things to a minimum to start off with as you can make the place your own once you settle in.
Before the move we also searched and sorted out house hold and contents insurance, registered for amenities, council tax and TV licence. Once all the main and important things were sorted, the next task was to shop for bedding, kitchen essentials and sort out the WIFI. We did not need to book removals, but you can get a man with a van and many removal companies offer small moves. You can see my post about packing and moving and basic kitchen essentials for the kitchen and flat to see how we organised our move.
The flat was in pretty good condition but it did need some renovations such as checking the doors and the frame work. The landlord had promised to replace the front door which was an unusual size. However with the help of architrave sets, the carpenter was able to fit the door in perfectly. Architraves are mainly used to make doors stand out and help to cover up any imperfections by the frame of the door. This is great for homeowners as the architraves will link up with the skirting boards to complete the look of the house and make it look it’s best.
It’s a mammoth task relocating but if you do things in a methodical way it should not be too hard. We can’t say that the move was easy, but it did go smoothly as we had planned as we were well prepared for the move. Why not read this post about financing a house move, a step by step guide. Have you relocated and are there any tips you can suggest? Please share them in the comments below.
** collaborative post
It was a very good decision for you and your daughter to rent out a place first. I would have done the same if I were in your situation. Once she is financially stable, then buying her own house would something she should consider. Thanks for these tips you shared about renting a flat.
When I had the second home, I focused more on rent, but in the end, for greater reasons, I sold it. And I regret it.
Buying a home is a huge decision, and if not executed with precision can cost more than what it would have cost just to rent. In the end I think that you guys made the right decision.
I am renting until I can afford to but a place, everything is just so darn expansive!!!
Short term rent but mid to long term I would definitely say buy if you can find the deposit.
We moved 7 years ago and it was a mamouth task, but like you say if you are logical and organsied throughout it doesn't have to be too traumatic. Mich x
I have to admit that I did not enjoy renting as we found we were having to move every couple of years, but it is good for young people starting out, as they often don't know what they want or where they want to be
Those are some great tips to keep in mind. I would love to have a house we can settle in someday but for now we usually rent out houses.
I was renting from the age of 19 but finally brought our home 7 years ago. Every move was a huge decision to make with so much to think about too!
We rent currently but are looking to buy in the near future. We have just moved and it was very stressful!
Very useful post with all the important information on renting and buying a property.
A useful post Nayna. For all our kids who went far away from home in fact to other countries, it was initially very difficult for us as we the parents could not go there to check out properties etc for them or with them. We first opted for rented accommodation. As the kids got use to the place they themselves began scouting for appropriate areas with amenities around. Buying eventually is an investment whether the young adults remain in the area where their first job I or not.
I am so glad my parents encouraged me to purchase and helped me buy my apartment when I was quite young. As rent prices have gone through the roof, my monthly apartment maintenance (to maintain grounds and pay service people) has only gone up $100 in 18 years. Owning property even with a mortgage is still better than paying rent month after month with no investment that you can call your own.
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