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    • Landlords usually don’t make cosmetic upgrades therefore properties can be outdated



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