There’s no doubt that Peckham is a great place to live in,
but our expert Peckham estate agents can advise you on whether you should rent or buy in the area.
Many people claim that Peckham is the best place to live in London. It’s easy to see why this is the case: Rooftop bars (Check out Frank’s if you haven’t already!), quick and easy transport into London and lots of well-rated schools by Ofsted.
If you haven’t already thought of living in Peckham, maybe you should now. If you’re moving, perhaps you are also toying with the idea of renting or buying. Our estate agents in Peckham have an array of property for those looking to rent and buy. However, let us give you some inside knowledge to help you decide which is best for you.
The Costs and Benefits of Renting
Unless you have a fair bit of cash saved up or have recently gained some money, renting is the obvious choice. Saving up for a house, especially in London, requires a great amount of saving and budgeting. Renting is also more stable, as you know your rent won’t suddenly increase mid-way through your contract.
One of the real appeals of long-term renting is the flexibility. You’re not tied down to one specific location. If you are somebody who moves a lot for jobs then renting is ideal and is definitely a worthy choice. Renting is also a great way to get to know an area before investing. For example, if you’re thinking of moving to Peckham but want to see where your favourite spots are first, renting is the ideal way to get acquainted.
In 2014, London was actually the most renter-friendly city, meaning that due to issues such as inflation, you actually saved money renting rather than buying. Of course, renting doesn’t come without its costs. If you do move frequently, the cost of putting down a deposit and the first few months rent can certainly rack up a big bill. Estate agent fees can also add up, which is why at our South East London estate agents we pride ourselves on being honest and fair.
The Costs and Benefits of Buying
The thought of owning your own home is one which so many people desire and it is seen as a big achievement. Saving up for a home isn’t easy for everyone, so stepping onto the property ladder is a big accomplishment. The joy of being to do whatever you want with your property is of course, wonderful.
It’s not only the freedom to control your home that attracts people to buying a property. It’s also that it can be cheaper to invest in a property rather than rent one. What’s more, if your property increases in value, you can sell it for a higher price and move to a bigger property yourself.
Naturally, there are some disadvantages of buying. Your property could go down in value, meaning it’s much harder to resell and you won’t be able to afford a bigger property. Your mortgage payments can also increase when interest does, and that sort of sharp rise may not be affordable on your income.
Although you may have saved up enough for the deposit, you also need to remember the other costs involved such as solicitor fees, stamp duty, valuation, and any renovation work. You’ll also solely be in charge of any maintenance costs. If you are buying with a friend or partner, that may not always last forever, so be ready to commit.
What Are Rent to Buy Schemes?
In 2014, the Government set up the rent to buy scheme. The intention is to help first-time buyers get onto the property ladder. The scheme gives an opportunity for tenants to save up for buying a property, as they rent at approximately 20% less than market value . During the tenancy, or once it’s finished, you are able to buy a share of the property, or the whole property itself. Alternatively, you can move out and find another property to rent or buy.
While the opportunity seems great, there is limited availability and the criteria for being eligible for the rent to buy scheme is very specific in terms of income and a good credit history. There are some downsides to the scheme as the terms and conditions also vary from place to place. We’ve put together the key facts to tell you more about the rent to buy scheme.
Our Peckham Estate Agents Top Tips and Advice
Deciding if you want to rent or buy in Peckham is down to you as a person, do you value flexibility or do you value investing in something you know you want long-term? Once you decide this, you can begin your property search.
If you are interested in the rent to buy scheme, try and talk to others about it. As it can vary from region to region, find out the flexibility and terms and conditions for the area you live in.
If you want to know about renting and buying prices in Peckham, come down to our Peckham estate agent office and talk to our friendly team. Not only can we show you the property we have on offer, but we can also talk to you about renting, buying, and what types of fees you can expect.
Fish Need Water are estate agents in Peckham who have a variety of property available for renting and buying. We’re here to help you through the process, and we are honest and fair with our fees, so come and talk to us today or call us on 020 3199 3205.