The renting versus buying debate is something that has been enthralling people for years. There are pros and cons to each. Of course, homeownership is down to financial circumstances for people as to whether they buy or rent. If you are in quandary whether to keep renting or whether to buy, you are in the right place. This guide will give you no-nonsense advice on the big dilemma. Any substantial life choice that you make should be done with careful consideration.
Let’s get to the showdown.
There are many advantages and disadvantages to renting a property.
The great thing about renting is that you have a certain level of freedom that is not afforded to you when you are buying a property. Should you not want to live in an area for long you have the option to move quickly? Typically, you only have to give a months’ notice when you are renting a property. This means, in theory that you could be living somewhere else within one month. That is a heady prospect for many.
If you don’t have the capital, renting a home is the perfect solution to asserting independence. For many young people, the prospect of buying is merely a pipedream. For those that are in a difficult financial place, renting is the only option available to them.
One of the most positive aspects of renting is that you don’t have to pay for any maintenance work yourself. Should the boiler break down, this is not your problem. The landlord simply fixes it, and you remain financially sound. However, your landlords may not be the quickest at resolving issues. You may be waiting some time.
On a more negative note, your home is not your own. This is not appealing to many. What is more, you may have feelings of insecurity when renting a property. Your landlord only has to give you two month’s notice, by law, for you to vacate the property. This is unappealing for many.
Homeownership is expensive. However, estate agents in Wickford have stated that the housing market is now seeing a heady return. With government incentives in place, more people are now in the position to buy their first home.
The level of security that is afforded to you, when you buy a home, is excellent. The house is yours. What is more, you are the one that see’s the return on investment. Not a landlord. This is a fantastic feeling for many. While it may be tough getting a deposit together in the initial phase of buying a house, you will feel a sense of achievement.
If you are keen to settle in one part of the country, this is a fantastic way to ensure that you above the best of both worlds. You have a sense of security within your home, and you have a place that is truly yours.
Let’s take a look at the negative aspects of homeownership. Many people do not have the cash available for emergency situations. This is a difficult situation to be in. For savvy homeowners, they will take out home insurance to ensure that their home remains intact.