When deciding on your big move, housing is one of the big decisions that you will have to make. Let us discuss the pros and cons buying vs renting.
Buying Pros: When you buy a property the monthly repayments goes toward the property and not the landlord. Once you have fully paid off the mortgage the house becomes yours and you will be able to live rent free. You will also have the right to sell the property if the value increases and the profits is yours to keep. Basic rights to live your life in your terms will not be restricted for example if you are a smoker, want to keep pets or even improve the decoration in the property. Buying a house in the UK now for foreign national will be good value for money due to the lower value of the pound at the moment.
Buying Cons: A mentioned earlier there is an upfront cost when purchasing which can include deposits, stamp duties, mortgage fees and legal fees. If you have a mortgage loan, the interest rates tend to fluctuate which may result in varying re payments unless you get a fixed rate. You will also lack the flexibility to move to a more affordable home quickly of things get financially tight. Falling behind in payments can lead to dire consequences.
Renting Pros: One of the best perks of renting is that your landlord has to take responsibility for repairs and damages. Renting also makes it easier for you to move quickly whenever required. If the property prices get affected, you will not be affected as your rent will be a fixed amount at least during the tenancy agreement period.
The obvious thing is that all your payments go into the pocket of your landlord and you will have no rights to the property. There is a form of insecurity here if the landlord decided to find new tenants or decides not to let anymore you will be having to move out normally within 60 days.
As a conclusion to whether rent or buy comes down to personal circumstances and choices. Look well into your budget and plan for the long term.