Not sure if it’s better to rent or buy? There is not always a straight forward answer to this question, mainly because it depends on your own personal situation and the real estate market in your area.
Below are a few points to consider so you are able to make up your own mind about which route to go down.
In this section we are going to give you some facts about why it’s better to rent than buy.
Firstly, there are not as many upfront costs when you to decide to rent. Sure, you have to pay a deposit and the first month of rent, but after that you don’t really need that much money initially, especially when the house or apartment is furnished.
Another reason is that renting is perfect for people who might not intend to live in the area for long, or are still undecided about what kind of house they want to buy. You can easily get a 6 month lease with a landlord, and then once this is up go elsewhere without anything stopping you.
Lastly, it’s always good to know that you won’t be bothered with surprise bills when renting. If the roof needs repairing, the boiler breaks down, or a window has to be replaced, this is all the responsibility of the landlord, and they have to get whatever fixed within a reasonable time frame.
Now that you’ve heard about why renting is such a good idea, what are buying? Below are a few reasons why this could be the right choice for you.
Without a doubt, the main reason why buying could be a better idea is because you are investing in an asset that you own. When you rent, all that money is going into the landlords pocket and helping to pay their mortgage, but with your own house you are the one benefiting.
Next, you can make changes to anything you want, either on the exterior or interior of the house. So if you want to try your hand at a bit of DIY or you fancy buying some different furniture, then you don’t have to ask permission to do so.
Lastly, if you buy the right house in the right area, then you should be able to make a nice tidy profit for yourself when it comes time to sell. Getting into real estate can be a nice little earner if you get it right, and you could use any profit to buy up more properties.