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 and an extension with the help of The Lease Extension Company
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Landlords usually don’t make cosmetic upgrades therefore rented properties can be outdated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!

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April 27, 2021