When people make the decision to move into a new property, one of the most important choices they are going to have to make is whether they should rent or buy a home. There are various pros and cons associated with each option, so it is important to weigh things up properly and consider your own personal situation before you make a choice.
Here we will examine just a few of the reasons why buying a home may be right for you, so that you have everything you need to make a decision.
It’s Yours To Do What You Want
One of the biggest restrictions that people who rent their properties face is being able to decorate or change aspects of the house. In most cases, they will need to ask for permission from their landlords in order to make any changes to the décor, some of which may end up not being granted if the landlords wish to keep their properties in pristine condition for their next tenant. By contrast, if you own the home you are free to do whatever you want in terms of interior décor. Of course, extensions and the like are subject to various planning permissions, but even then at least you have the option.
It’s Generally Cheaper
The monthly cost of a mortgage on a home is generally cheaper than renting an equivalent property. While you may occasionally get lucky and find a rental property that has similar costs to a mortgage, it is an increasing rarity as the market moves more towards providing properties to rent for a generation that is less likely to purchase a home. Of course, you do need to take initial fees and deposits into account, but once those are settled your monthly house costs should be lower.
The Money Goes Somewhere
In addition to often being able to pay less every month for the property when you buy, you can also be safe in the knowledge that your money is going somewhere other than your landlord’s pocket. Each mortgage payment that you make allows you to build equity in the house, which means you are making an investment. If you decide to move at a later date, you will actually get some money from the sale, rather than just packing up your things and leaving like you would if you were in a rental property.
If you are renting a property, the odds are high that you are going to have to deal with occasional invasions of privacy, particularly as your landlord will need to come round every so often to check the property over and make sure it is being kept in good condition. Of course, good landlords will provide you with plenty of notice before they come over, but even so it is an invasion of privacy that some people may not appreciate.
The Final Word
So we have looked at some of the reasons why you may consider buying a home this week, which also gives something of a negative view of renting in the process. Next week we will take the other tack and look at the advantages of renting a home instead, to make sure you have all of the information you need to make a decision.