To answer the question of buying or renting and which is better is purely based on what you are looking for and your circumstances. Each of them have there own advantages and disadvantages and it purely depends on what you are looking for in terms of if you buy a property or choose to rent a property.
Buying a property can be a stressful and expensive experience but once it is has been completed you can say that you’ve made an investment in your future. The advantages and disadvantages all vary and there might be a surprising amount of disadvantages to buying your own house.
The advantages to buying your own house includes –
- It can become an asset to you if you pay the mortgage off, as it is something that you could sell off and use the money to invest in something else, and it also means that if you were to retire that you wouldn’t have worry about how you are going to pay your mortgage/rent.
- Monthly mortgage repayments can be cheaper than monthly rent payments; this can vary depending on the area that you choose to buy your house in. If you move to somewhere where house prices relow then you may be better buying a house in that area and using it as an investment rather than just renting in that area.
- You can make your own choices in regard to any changes to the house. These can include something as simple as being able to paint the walls a different colour or bigger changes such as an extension to add more space to the house.
The disadvantages of buying a house are –
- If you’re circumstances change suddenly such as a job move or splitting up from someone then it can become quite complicated as it can be hard to find someone to buy your house or it can be quite a long process to sell the house. This means that if you have to suddenly move it may not be as easy to move, as it may be if you were renting a house instead.
- Initially the cost of buying a house can be a lot more than renting one. The deposit, removal costs and buying furniture to furnish the house can be a lot more expensive than starting to rent a property especially if you find a property that comes fully furnished.
There are many advantages of renting a property rather than buying, we have listed some of these below so you can see –
- You can move as you wish without being tied down with having to sell a house. This is a big reason why a lot of people will rent a property rather than buy one as they could be working a job that means you have to change location every few months and in turn make it very hard to buy a house.
- You don’t get stuck with any high paying maintenance bills unlike if you owned your own house. If the boiler broke or the roof was leaking it would be the landlord’s priority to sort it out rather than you having to find the money to cover the costs of the repairs, which can then cause big money worries if the bills are big.
- The affordability of house prices won’t affect you as much as someone who owns their own house and is looking to sell it as renting means you don’t have such a big financial burden over you.
- If you’re renting you may be able to afford somewhere that is a lot better in terms of the schools, the house and the overall area whereas if you would try to buy in that area then you would end up with a big mortgage which could put a big strain on your finances.
- The initial deposits for renting are always going to be a lot lower than having to save up for a mortgage which will suit a lot ofpeople better as its less money that they have to save rather than spend.
As well as all the positives about renting it does also come with its fair share of disadvantages –
- You can’t always decorate the property like you would like to, a lot of landlords have rules about what can be done to the property. This can include not being able to put shelves up or being able to put your own preference of décor up.
- Some landlords won’t accept pets which means that if you are moving with pets it can become a real issue for you as you may find it a lot harder to find a landlord that will allow for pets to live at the property which can in turn cause stress to be put on you.
- A lot of the time renting is referred to as “dead money” which is basically due to it not really helping to benefit you whereas when you buy a property you are paying to eventually own it.
- If the landlord wanted to sell the property then you would have to then find somewhere else to live which could cause you big problems if you are unable to and the leaving date is getting closer. Situations like this can be quite sudden and you may find that rent prices have risen and you can no longer afford to stay in the area that you have been.
In conclusion, the buy vs. rent argument will always depend on your own circumstances and how it fits you best. Both of them have their fair share of advantages and disadvantages but it will always be personal preference as to why you choose one over the other. This article would of hopefully helped to show you both sides to the argument so you can make a decision that suits you the best whether it be to buy a property or to rent one.