Who said owning a home has to leave a huge financial hole in your bank account? With property prices in UK shooting up by the day, owning a home of your own has now become quite big of a deal. But that doesn’t mean you’ll give up on your dream of being a home owner. Here’s a scoop from Aberdeen letting agencies that can change the way you think about owning a house of your own. Everyone’s calling it ‘Rent To Buy’.
What is Rent to Buy
If you’re looking for a new home in the UK, but you’re not sure whether to buy or rent- there is an option available that is often overlooked.
Rent to buy is where you rent a property for an agreed period of time, with the option to purchase the property at the end of the tenancy. This can be a great option if you are unsure whether you can afford to purchase a property outright, or if you want to try living in an area before committing to buying a property there.
There are a few things to bear in mind if you are considering rent to buy, such as the potential for the property price to increase over the course of the tenancy, meaning you may end up paying more for the property than if you had bought it outright initially.
There are also a few additional costs to consider, such as administration fees and the potential for repairs to be needed during the tenancy.
If you are looking for a flexible option when it comes to buying a property in the UK, rent to buy could be the perfect solution for you.
Pros and Cons to Consider When Choosing Rent to Buy
On one hand, it can be a great way to get on the property ladder without having to fork out a huge deposit. On the other, it can be a riskier proposition and you may end up paying more in the long run.
Some of the pros of rent to buy include:
- You can get on the property ladder with a smaller deposit.
- You have time to save up for a mortgage.
- You can try out a property before committing to buying it.
Some of the cons of rent to buy include:
- The property could be sold from underneath you.
- The landlord could put the rent up.
- You may end up paying more than if you had bought the property outright.
How To Start Your Rent To Buy Process?
It’s quite simple. Connecting with acclaimed Aberdeen estate agents is the way to go. But, here is the main question- how will you know which letting agent to choose; or more importantly, how will you meet acclaimed letting agents without having any prior source. If you’re wracking your brain for answers, we can help! At www.Top10PropertyAgents.co.uk , our primary focus is to help you connect with the cream talent pools in the city. This is why we have created a vast index of some of the best estate agents in UK. All you have to do is visit our website, browse through our directory of professional estate agents and connect with the one you feel most comfortable with!
Now, that you have a proper plan to go ahead, we wish you all the luck for your Rent to Buy home hunting.
