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Everything You Need to Know About Buying Vs Renting a Home

Debt Saving Money

Everything You Need to Know About Buying Vs Renting a Home

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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 buying 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 buying a house

  • Buying a house is a long term financial commitment
  • You are responsible for all of the maintenance and repairs your home requires
  • 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!
 
Everything you need to know about buying vs renting a home
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