10 Jul The pros and cons of buying vs renting in Manchester

Known for its rich history, vibrant cultural scene and growing economy and property landscape, Manchester is a great city to live and invest in. But deciding whether to buy or rent requires a lot of careful thought – not to mention, meticulous planning to ensure that personal circumstances, financial stability and market conditions are considered. Here, we round up everything you need to think about when it comes to buying vs renting in Manchester. 

Buying vs renting in Manchester

Buying in Manchester

The pros

Possibly the biggest benefit of buying your own home, wherever you’re based, is that it provides you with a level of stability and security. Instead of being subject to rental changes and landlord requests, your home is yours only – and you also have the freedom to decorate it however you like. Each mortgage payment means you’re also building equity which can help you to buy another property later down the line. What’s more, Manchester as a city also offers incredible long-term investment opportunities with many properties increasing in value. 

The cons

Buying a property is probably the most expensive decision you will make which is why it’s so important to consider your financial situation. It’s not just the property price either but moving costs, legal fees and any estate agent expenses. Once purchased, there’s also a risk that your property may decrease in value – especially during a market downturn. Maintenance of your home will be your responsibility and this can also add to the expenses of owning a property. What’s more, if you need to relocate due to work or other personal reasons, owning a home can limit how quick you can move and, again, there will be additional costs to factor in. 

Renting in Manchester

The pros

One of the biggest reasons why people choose to rent is because of the flexibility it allows. While notice is required, those who rent are often able to move at a much quicker pace compared to those who own their home. There are also lower upfront costs and no risk of any legal fees. Instead, you’ll likely have a deposit to pay and any moving expenses. If you choose to rent a furnished property, this will reduce the cost of moving large pieces of furniture, for example. As well as this, landlords are responsible for the maintenance and repairs within the property, which again saves individuals time and money. Many apartments in Manchester also come with modern amenities like gyms, security and pools. These luxury services could mean that buying a similar property is out of reach yet tenants are able to enjoy it as part of their monthly rent. 

The cons

Rent increases are perhaps one of the biggest disadvantages of renting as well as the fact that monthly rent payments don’t contribute to building equity. Tenants also have less control over where they live with updates and renovations requiring landlord approval. There’s also the risk that the landlord may choose to sell or not renew the lease which means that renting can provide less stability compared to owning your own property.

How Kaytons can help

The truth is that both renting and buying in Manchester come with their own benefits and challenges – and the best option for you depends on your lifestyle, financial readiness and long-term goals. At Kaytons, our team of property experts can help you to weigh up your choices and whichever is best for you, we’re sure to have the perfect property that you can call home.