Save yourself hundreds of £££s! FREE instant online conveyancing quotes & fees for you to compare now

Fully transparent quotes - no hidden fees. Full breakdown, all inclusive, fixed fee conveyancing quotes

Saving YOU time when looking to calculate your conveyancing fees. Compare prices from nationwide property solicitors instantly!

UK Nationwide Coverage from Solicitors & Licensed Conveyancers based in England, Wales, Scotland & Northern Ireland

Fully Regulated Conveyancing Professionals

All of our online conveyancing quotes are provided by SRA Regulated Solicitors & Licensed Conveyaners across the UK. You are safe knowing your property Sale, Purchase or Remortgage is being handled by a Residential Conveyancing Expert.

Whether it is better to rent a property or to own it is a long-standing debate. Some people argue that it is better to purchase because the property is yours to do with as you wish, you can have it for as long as you like, and you earn from the long term capital appreciation.

It can be said that rental expenses are just your money disappearing into someone else’s pocket. Still, others contend that renting may be the superior option since you only pay rental fees. When you rent, you don’t need to pay interest on a mortgage, a conveyancing solicitor to transfer your title or annual property taxes. Because of this, some people go on to live their entire lives renting their homes.

The fact is that there might be no “better” option between the two. It may just be that one of these options is the correct response based on three things that tip the scales in either direction. The three factors that largely affect a decision on whether to purchase or to rent are time, capacity, and cost.

Time

If you intend to live in a particular area for a short time as a transition place or to be near work, then renting seems to be a better option. Renting allows excellent flexibility for the user. You can relocate at the end of a lease period to a different neighbourhood or a bigger residential unit.

Most rental options offer annual leases, while others are more lenient by offering three, six, or nine-month options. You can usually negotiate with a landlord on the timeframe, but typically a shorter lease option may cost slightly more. You can ask your leasing agent to scout for rentals options based on your time limit, and you can make your selection from there.

Buying, on the other hand, is a long-term investment. You undoubtedly will be tied to a particular area by placing a significant financial investment there. Buying a house or an apartment means you are deciding to settle down in a place for the foreseeable future.

Capacity

The second major factor between deciding whether to rent or buy is capacity. Even if you have plans of settling down in a particular neighbourhood, your financial situation determines whether or not you will be able to purchase a property.

Capacity can be affected by your job status and your obligations. When lenders look at your financial position, they will take into account your sources of income and deduct your financial commitments like debt and credit lines, as well as your living expenses, and determine your borrowing capacity based on this information. You will need enough excess income to pay for a mortgage in order to buy a house.

When landlords check the capacity of renters to pay their obligations, they are not as stringent in their requirements as a bank would be to someone they are lending money to. Rentals usually require a few month’s deposits, depending on your contract. After the initial deposit, payments are made in monthly or quarterly instalments that allow you to stagger your living expenses. This is especially useful if you aren’t awash with cash. Even if you are earning more than enough for your living costs, you may still not have enough savings to make a purchase.

Your financial situation will determine your capacity to afford to buy. To be able to purchase a house, you will need at least enough cash for equity, proof of substantial income enough to pay for your mortgage, and documents showing a good credit rating. If you are not yet at a point in your life where you have these three, it can be extremely difficult to become eligible for financing.

Capacity is largely a product of your priorities. You may have enough cash for a mortgage, but if your main priority is to spend that money on educational pursuits, travel, or purchasing expensive clothing and accessories, then you will not be influenced to buy real estate.

Cost

The third primary consideration that influences the decision to purchase or rent is the total cost. When entering into a lease, the charges involved are your rental payments and your utilities. All other maintenance costs, taxes, and homeowners association dues are typically already pro-rated and included in the monthly rental. If you choose a furnished unit, you can even avoid costs to purchase furniture and appliances. Essentially, in a rental scenario, your expenses cover only for what you presently need.

When you purchase a piece of real estate, there are many costs behind the initial price tag of the house. You won’t just be paying for the house, you will need to pay your lender for mortgage, valuation, and survey fees. You also need to pay stamp duty and land registry to the government. You will have to shell out cash for a conveyancing solicitor. If you used the services of a broker, you might need to give them a commission.

After you have moved into a house, you may need to spend on refurbishment, repairs, and regular maintenance. Your property will be yours to do with as you wish, for however long you want, however, you will also be taking on significant financial responsibilities for the same amount of time.

In Conclusion

When you weigh your options, do as much research and data gathering as possible. If you have decided that buying a house is the right option for you, there are various resources available online, which can help you estimate the costs involved. The more information you have before you proceed the better prepared you will be to handle the financial obligations that come with homeownership.

You can estimate mortgage payments and interest rates through potential lenders’ sites. Enquire with your local authorities on the land registry fees in your area. You can also get conveyancing quotes or compare and calculate conveyancing fees online.

Whether you choose to buy or to rent your dwelling place, understanding the various factors that affect your decision can help you determine which option is the best for you.

Do you need assistance in finding the best value conveyancing options in the UK? Visit our website, compare quotes, and find out how you can save on fees. We provide fixed fee quotes and transparent, honest pricing so you can make informed decisions. Call us today to find out more!

 

Looking for Conveyancing Advice?

Feel free to give us a call ...

0330 043 1202

Or visit our Frequently Asked Questions (FAQ's).

Our Conveyancing Quotes

Conveyancing Calculator offers YOU choice and allows you to make an informed decision. You can compare conveyancing fees and costs from countrywide solicitors and conveyancers throughout England and Wales.

Conveyancing Calculator offers ...

 

Find a Conveyancer that is Approved & Authorised to work with your Mortgage Lender

If you are looking for a mortgage lender conveyancing panel solicitor, Conveyancing Calculator, will search for a conveyancer that is authorised and approved to work with your lender. Make sure your conveyancer can work with your chosen mortgage lender.

Compare Now - Saving YOU time and money!

Conveyancing Calculator is here to save YOU time and money on your conveyancing costs and fees. We are constantly scanning the conveyancing market for good quality solicitors and licensed conveyancers that are ready to help you with your move!

  • FREE Quotes
  • Local Conveyancers to YOU
  • Nationwide Coverage
  • Fixed Fee Quotes
  • Fully Detailed Quotes
  • Compare Prices & Start Saving

Calculate your Conveyancing Fees with Solicitors & Conveyancers that are local to YOU

With nationwide coverage, we have solicitors in situated throughout the UK in England, Wales, Northern Ireland & Scotland.

Find a Solicitor & Get a Quote

Our Reviews

Why pay more for good quality conveyancing? Conveyancing Calculator have helped thousands of people saving time and money when looking for residential conveyancing quotes.

Don't just take our word for it, take a look at some of these reviews from our happy home buyers, sellers & remortgagers.