Moving in together with a partner is a pretty big step, but one which many of us will take during our lifetime.

No matter how old you are, and whether this is your first time cohabiting or not, there are always a certain amount of nerves involved with taking the plunge and getting a place together. But one of the big questions couples often ask is whether to rent or buy.

There are pros and cons to both, so you need to get your heads together and come up with a list based around your circumstances and plans for the future.

Finances are the big consideration. You need to know how much you can afford to pay out every month. Renting is not necessarily cheaper than a monthly mortgage payment, but you will risk losing your home if you don’t keep up with mortgage payments. And you need to factor in insurance and household maintenance costs if you are planning to buy your own home. Mortgage lenders now have to look at your disposable income, so together you need to establish how much you are spending on things such as food, clothes and socialising. You will also need a deposit, and depending on the type of mortgage you are getting, this can be fairly substantial — it may necessitate renting for a while as you save up.

You also need to think about how long you are planning to stay in the property. A young couple moving away from home for the first time may want to start a family and move somewhere bigger a few years down the line. Couples not planning to have children, or with families already grown, may plan to stay put for longer. It is quicker and easier to leave a rental agreement than it is to sell your home.

Owning your own home means keeping it maintained. So if something goes wrong with the plumbing, you will need to arrange to have this fixed. You will have to do your own garden and all the DIY. These projects can take up a fair bit of time and you need to feel comfortable doing them. If you rent, usually your landlord is responsible for repairs and upkeep. So you need to establish whether you want to take responsibility for your property.

Renting works well for some couples and buying works well for others. Frank discussions, honesty about your finances and a synchronised view of your future plans will help you decide the right path for you.

Whether you decide to rent or buy, Keywest can help you find the right property for you. Give us a call on 0116 254 4555, and one of our team will be happy to help.