Cons for buying a new home
It all seems rosy on the other side of the coin which is why it is always a good idea to get an all-round view of the positives and negatives of buying or renting. We all want somewhere to park the used mg, London andKentseems like a good place to start.
Currently deciding on the best option is a very difficult decision to make, but unfortunately we can't have it all so here are the cons to buying your own property.
You are the only person who has sole responsibility of maintaining the house or flat. If the rook fails, or the floorboards break through to the room below, the only person who has to pay for this to be fixed is yourself. You have the sole responsibility for the upkeep and maintenance on the house or flat. Depending on what the situation is, this could be very expensive, and take up a huge amount of time.
Other than the initial costs of the buying the property there are other bills to take into consideration. Insurance, council tax, utilities, TV license, foodâ¬Â¦ and the list goes on.
One of the biggest negatives to buying property is that once you have bought it, you cannot move out easily and leave it behind you. You have sole responsibility for the property and that means the repayments too, are permanent until you follow the proper channels and sell your property again.
When there the market drops, so does the value of your house. Just like driving an mg off the forecourt, there is depreciation on your house too.