Renting vs Buying A Home – The Pros And Cons
Providing a safe and comfortable home for yourself and your family is pretty high on most people’s wants. With the daily stresses of life, it is a blessing to be able to come back to your own refuge and unwind. But, whether to buy or rent can be a difficult decision to make in the current climate.
There are pro’s and con’s for both, though. While owning a home is a great investment, in the long run, houses prices can fluctuate meaning you aren’t guaranteed a profit when it comes to selling. Renting can allow more freedom, but means you may have to deal with troublesome landlords. Have a read through the breakdown below before making your decision:
Owning a house is seen as an investment, and will pay off in the long run. As long as you keep up with the mortgage repayments, you will have a lump sum in the future to put into your new home purchase or to give to children as their inheritance.
You have great freedom when you buy to create your ideal home. While a lot of structural work and extension will need planning permissions, you are relatively free to do what you want inside the house. Re-decorating, fitting a new kitchen and landscaping the garden are all great ways of reinventing your home and adding value.
When it comes to selling your home, it isn’t a fast and easy process. Depending on the current market, it can take months to find the right buyers and also your own next home.
You are totally responsible for any repairs and work to your home. Make sure you are fully prepared and find good companies to deal with any home problems such as flood restoration and appliance breakdowns.
Renting gives you much more freedom than buying. You are able to change jobs and move locations fairly easily and quickly, without the worries of selling and mortgages to deal with.
You will also probably be able to afford a larger home than if you were buying. Without having to save up a huge deposit allows you find more attractive properties.
You can also invest your money elsewhere without having to save a house deposit. Most mortgages require at least a 10% deposit, which can add up to a substantial amount.
It can be a waste of money long term. By living in someone else’s home, you may be paying off their mortgage. While it may be cheaper per month, you won’t see any of that money again. Investing in a house means you will gain something back when it comes to selling the property.
If the house isn’t to your style, a lot of landlords won’t let you redecorate. You could speak to them and explain the situation, but if their tastes are different to yours, they many not want you to change anything.