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  • Landlords usually don’t make cosmetic upgrades therefore properties can be outdated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