Buying vs. Renting a Home
At one point or another, most people are in the position of deciding whether they should buy or rent a home. There are advantages and disadvantages to both, some of which are detailed below.
Advantages of Buying
One of the main benefits of owning your home is just that; that you own it and it belongs to you. You have 100% choice in any changes you wish to make, whether that be decorating the home, adding an extension or how you would like the garden. As well as this being advantageous while living there, it also gives you the opportunity to make alterations that add value. In fact, you control everything as there is no landlord who has to have their say and who you have to run things past. You can also live there for as long as you like; there is no chance of a landlord wanting to sell and you having to move out.
Owning a home is also an investment. You can sell the house at a later date for a profit, increasing the chances of you being able to upgrade. Although most people require a mortgage to own a home, once this is paid off you will no longer have to pay for it. This isn't the case with renting, as the rent is ongoing.
Disadvantages of Buying
The first disadvantage is an obvious one; it costs more. Generally the monthly outgoings will be more for a mortgage than rent (although you may eventually pay if off). There is also the deposit for the mortgage. Although renting also requires a deposit, it is usually only one or two month's rent, while a deposit for buying a home will be several thousands. A mortgage is a long-term financial commitment, and you may lose your home if you are unable to pay it.
There are also many other costs associated with buying property. There will be extra taxes (depending on which country you live in) and conveyancing solicitors and surveyors to pay for.
As already mentioned, the main benefit of buying is the investment aspect. But, if you don't even pay the mortgage off this benefit will be redundant.
Advantages of Renting
In some ways there is more freedom with renting. If you like you can easily move at short notice. You don't have to go through the process and stress of having to sell your home and find another. Selling a home is a long process while moving out of a rented property is not. This is particularly beneficial if you move fairly regularly. Having to relocate for work, for example, is not such as big problem.
There is less stress associated with renting. If something is broken then the landlord has to pay for it. For example, if the boiler needs replacing and you own your home, it can cost you a lot. If you are renting, it is the landlord's problem. Bills, including council tax, are sometimes included in rent.
Disadvantages of Renting
When renting, you are giving someone else your money. Rather than paying off a mortgage to eventually own your home, you are giving it to someone else. Rent is never ending, so if you rent for life you will be paying every month for the rest of your life. You will not ever make any profit out of renting.
Andrew Marshall (c)
Questions and Answers
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