If you have an interest in property, you are probably debating whether to buy or rent a place. To be honest, there are advantages and disadvantages on both sides. So, it’s a case of making sure you understand these and using them to help you.
You’re on the Property Ladder
The major advantage to buying a property over renting is that it puts you on the property ladder. Consider this an investment for the future, and one of the most important you’ll ever make.
Owning your own place is amazing, but you have to remember that it’s just not doable for everyone.
Change Whatever You Want
It’s great to be in a position where you can literally change anything you want. This is hugely important because it allows you to improve the quality of your home. You can customize it to get it exactly as you want it, and you can add value by doing so.
The main disadvantage to buying a property is the huge cost involved, and one of the questions you have to ask before buying is whether you can afford to. It can be so expensive these days that many people never get the chance to do it. And the cost of property seems to be on the rise. Of course, you could wait for the market to drop, or go to property auctions. But, you will still need to fork out plenty of money.
A Lot of Work to Maintain
As well as the huge cost buying a home can be a nightmare due to maintenance. There is so much work involved in the upkeep of a home. And you don’t have the luxury of relying on someone else to fix problems for you. You are going to have to take charge of all the work that needs doing yourself.
The great thing about a lot of flats and apartments for rent is how much you can get for your money. Yes, you will have to shop around and see a lot of places. But, you can enjoy affordable luxury by renting whereas if you were buying it would be well out of your price range.
You know what’s great about renting? There’s so much less work to worry about. When you own a home, the upkeep is ridiculous sometimes. But, when you rent you don’t have to worry about this because you have a landlord. They are responsible for the maintenance of the place, so you just have to make sure you contact them.
Higher Long-Term Costs
One of the drawbacks to renting is that, though it is cheaper initially, the long-term costs can be higher. It is much better value getting a mortgage and trying to pay that off than it is renting. But, the reality is that a lot of people do not have the money for a mortgage. And that’s why so many of us turn to the rental market.
Harder to Save
Another issue with renting is that it makes it harder to save money. Many people decide that they will rent and save money to buy a place. But, this is much more difficult than you would imagine because the cost of renting can be pretty high. So you need to bear this in mind when you consider starting a rental contract.
You need to make a decision about what you feel is right for your circumstances and situations. If you don’t have the money to buy you will most likely choose to rent. But, if you can afford it then getting a mortgage is very tempting.