Should You Rent or Buy?

Buying a house is a big decision, and in some cases it isn’t always the best one to make. Many people mull over whether they should rent or buy, but can’t come to a decision. It is hard to decide; as people always talk about how you should buy your house, yet it isn’t actually the right thing to do for some people. It’s a huge financial commitment, so read on to look deeper into renting and buying:

Owning a House Benefits

  • Owning a house comes with some benefits that might work for your lifestyle. Here are some of them to give you an idea:
  • Once you’ve paid off your home, it’s yours. You won’t have to pay anything other than your bills. Your home may also be worth more than when you bought it.
  • As your home may be more valuable than when you first bought it, you can either use it to move into a bigger home, or downsize for a more comfortable retirement.
  • In some cases, it can be cheaper to buy than to rent.
  • You’re free to spend money on home improvements as you wish when you get a mortgage. Estate agents in Selly Oak say that this can help to increase the value of your home. With renting, you need permission from the landlord to redecorate, and it won’t have any added value to you other than looking nice.
  • When you’re older, you’ll be living rent free. Many mature people don’t have the money to pay rent each month, so if you get a house paid off as early as possible, you’ll enjoy an easier life.
  • You can have as many pets as you wish when you buy your own home, providing you take care of them properly. When renting, you can’t usually keep pets.

home-rentImage Credit: Flickr

Owning a House Downsides

  • Owning a house is a big commitment. One of the biggest commitments you’ll ever make. There are many things to think about and remember, and it can be a very stressful time.
  • You’ll need to pay for maintenance when you own a house. Having appliances and other things break on you is inevitable, and you’ll need to fork out for them when the time comes. When you rent, the landlord is usually the person to take care of any serious repairs.
  • You have less flexibility when it comes to moving if you choose to buy a house. With renting, you’re usually free to move as you wish, with little hassle involved. However, buying means that you can’t be as flexible.
  • If you buy a house with a partner and you ever split up, sorting out the property can be troublesome and expensive. You never know what might happen!
  • You may have less money for things like meals out and entertainment, as your money is being spent on the mortgage and house renovations/repairs.
  • Your house might actually decrease in value, especially if you make some common renovation mistakes. These can be hard to rectify!

Related Post: A Pre Purchase House Checlist for New Buyers

What do you think is best for you? Leave a comment!

About the author  ⁄ Shane

Shane is a professional interior designer. Here he share his experience and also discussion.