The Essential Guide to Buying and Renting a Home

The Essential guide to buying and renting a home

To buy or not to buy – that is the question.

This guide will provide you with all the information you need to decide whether buying or renting a house is better suited to you. I have weighed up the pros and cons so you don’t have to!

House Buying Pros

    • Houses increase in value and you can therefore use the equity in your home to help buy a bigger home or fund your retirement

    • You can spend money on improving and decorating your home without having to ask the landlord

    • There is more security in buying than renting

    • Payments are predictable and more stable than renting

    • There is pride in homeownership

    • Once you have paid off the mortgage, your home will be yours

    • You can have as many pets as you want

House Buying Cons

      • Buying a house is a long term financial commitment

      • You are responsible for all the maintenance and repairs on your home

      • Ties between you and your community makes it harder to pick up and leave a location suddenly

      • Buying a home requires a large deposit

      • Lack of flexibility

      • When the interest rates rise, your mortgage repayments increase

      • It may not be easy to sell your home

House Renting Pros

      • Renting a home can work out cheaper

      • You have more flexibility when you rent as most leases are for 12 months

      • Your landlord is responsible for performing nearly all maintenance and repair work on the property

      • Low move in costs

 

House Renting Cons

      • No fixed housing costs

      • Have to gain 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      • Landlords usually don’t make cosmetic upgrades therefore properties can be outdated

 

 

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Free Printable Home Buyer's Checklist

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