To buy or not to buy? That is the question.
Okay, so this may not have been the question that Hamlet faced in Shakespeare’s famous play, but it is one that all of us will have to answer at some point in our life.
Should we buy or rent a new home? Traditionally, buying was thought of as the better option, but these days there are lots of families who decide to stay in rented properties. Here are some of the pros and cons of each type of home.
Buying Pro: Your Home Is Yours
Once you have paid off your mortgage, your home is totally yours. You then won’t have to make any more monthly payments towards it, and you will find that you have a lot of leftover cash at the end of each month.
Buying Con: Might Not Be Easy To Sell
If you ever want to move home, you will need to sell up first. Depending on the state of the housing market, this could take some time. But there are things that will help speed up the sale of your house, such as selling through trusted realtor offices and listing the property online. Unfortunately, if you can’t sell your home quickly, it might prevent you buying your dream property.
Renting Pro: Your Landlord Is In Charge Of Repairs And Maintenance
Don’t like DIY? No problem if you are renting; your landlord will have to take charge of any repairs and maintenance that need carrying out in your home. In fact, they have a legal obligation to make sure that their tenants’ homes are up to a good standard.
Renting Con: It’s Not An Investment
When you pay rent, you won’t get anything out of it. You are just paying to live in someone’s home. This is unlike paying off a mortgage, as you will get a house out of that in the end, which can be a great investment.
Buying Pro: You Don’t Need A Landlord’s Permission To Do Anything
Want to add an extension? Maybe you’re thinking about putting an en suite into the master bedroom? If you own your own home, you don’t need to ask anyone’s permission!
Buying Con: You Might Lose Money
Buying a home is a big investment, but there is, unfortunately, no way of guaranteeing that it will be a good one. Depending on the housing market, the value of your home could decrease, which could end in you losing money.
Renting Pro: It’s Easy To Move
You have a lot of flexibility when you are renting a property. You just need to give your landlord enough notice, and then you can move straight out once your notice period is up. Take it from me, this is a whole lot easier than trying to sell and move out of a home that you own!
Renting Con: Nightmare Landlords
Some landlords are great; others can be absolute nightmares. I know some tenants who have to wait ages for their landlord to carry out any maintenance in their home, which can be extremely frustrating. Thankfully, you don’t have to deal with this if you buy a house.
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