Every year, tens of thousands of people move to London. They each have own reasons to make such a major life change and those usually include:
- Better job opportunities
- Access to more high-quality amenities
- The chance to live in one of the world’s most cosmopolitan cities
If you are also planning to relocate to the English capital or to any other UK city for that matter, get ready because you will probably face an important dilemma or namely, to rent or to buy a home? That is the question and we will now help you find the right answer to it.
Both have their pros and cons
Unfortunately, this dilemma is not black and white and it can be tricky to solve because both renting and investing in a property in a new city have advantages and downsides. For example, if you decide to live in a rental home, you will not need to commit to one district and you will have more freedom to explore and move to different areas if you are not happy with your choice of location or your housing option. On the other hand, you will need to move every few months. Also, this may not be a good option if you have children or pets. What is more, rental prices in the English capital are incredibly high which means that you may be forced to live in a tiny home with minimal or even no storage space. This can easily force you to rely on flexible storage services in London which would be yet another extra expense to worry about.
If you choose to buy a house or a flat, you will certainly feel more comfortable because you will have a place of your own. You will have the chance to decorate it just the way you want and to bring along your cat or dog because there will be no landlord to ban your domestic animals out of the property. On the other hand, making such a big investment so fast can be risky when you are in an unknown city. You may end up hating your neighbourhood or even the city itself and if that happens you will not have the flexibility to simply pack your bags and go.
When should you rent?
If you are not very familiar with your new city and you are yet to find a job there, rent a flat or a house. That will buy you some time and let you get to know your new environment and avoid making a huge and unnecessary financial commitment. Our advice is to opt for a month-to-month tenancy because that will give you even more freedom and flexibility when it comes to your housing arrangement.
When should you buy?
If you have children and you are familiar with life in the city you are planning to move to, you can invest in a home. It is not a good idea to drag school-aged kids from one home to another because they need stability and a homey environment that can make them feel secure and at ease. And if you have lived in this place in the past (even if it was a long time ago), you will know what to expect. Plus, chances are that you already have a favourite area which will make your property search much easier and faster.