Everything You Need to Know About Buying Vs Renting a Home

To buy or not to buy…that is the question!

Have you ever questioned the positives and negatives of buying vs renting a home? I know I have. How to rent or purchase a house isn’t something we get taught in school, so we pretty much have to learn everything ourselves. 

Therefore, I have thought of everything you need to know about buying vs renting a house to provide you with all of the information that you need to decide which method is right for you!

 

Pros Of Purchasing A House

  • Houses increase in value therefore once you have paid off some of the      mortgage you can use the equity in your home to help buy a bigger home. Check out my blog post ‘7 Reasons Why You Should Live in a Modest Home‘.
  • You can spend money on improving and decorating your home without having to ask a landlord for permission
  • There is more security in buying than renting as you own your home therefore cannot be evicted unless you do not keep up with your mortgage repayments
  • Payments are more predictable and more stable than renting
  • There is pride in home ownership
  • Once you have paid off the mortgage, the home will be yours
  • Some rented accomodations do not allow pets, but if you own you can have as many pets as you want

 Cons Of Purchasing A House

  • Buying a house is a long term financial commitment
  • You are responsible for all of the maintenance and repairs your home requires – there is no letting agent who deals with that type of stuff for you
  • Buying a home requires a large deposit
  • There is a lack of flexibility that comes with buying a home
  • When the interest rates rise, your mortgage repayments increase
  • It may not be easy to sell your home when you need to

   

Pros Of Renting A House

  • Renting a home can work out cheaper
  • You have more flexibility when you rent as you can choose the length of your lease
  • Your landlord is responsible for paying for nearly all maintenance and repair work on the property
  • Low move in costs

Cons Of Renting A House

  • No fixed housing costs
  • You have to ask for the landlord’s approval before making changes to the property
  • Monthly rent payments may increase out of the blue
  • Renting will not help to increase your credit score
  • Landlords usually don’t make cosmetic upgrades therefore rented properties can be outdated




 
Let me know your thoughts in the comments below or tweet me @BritOnABudget1!
 



Make Money
Make Money From Home – Roundup
britonabudget
April 27, 2021

During these difficult times, many people are uncertain about their current financial situation and the pandemic has thrown lots of …

chat_bubble2 Comments
visibility884 Views



Save Money
The Best Birthday Freebies in 2021



Save Money
How to create a home office without losing a room



Save Money
Save money with Shopmium – App review



Make Money
How to find and take part in paid clinical trials



Make Money
Make money using your smartphone with BeMyEye



Make Money
Heating your home for less this Winter

The form you have selected does not exist.

Everything you need to know about buying vs renting a home

One thought on “Everything You Need to Know About Buying Vs Renting a Home

Leave a Reply