Whether you’re moving out of your parents’ house and making your own way in the world or you’re thinking about relocating, upgrading or downsizing, we’re all faced with the dilemma: should I rent or buy?
This decision will have a huge impact on your life and could be the difference between financial success and failure. Of course, this large decision isn’t one that you can make at the drop of a hat; you need to think carefully about your options.
Renting: Pros and Cons
Did you know that only recently has it become the ‘norm’ for families to buy homes? In previous generations there was never any thought put into the matter; almost everyone rented their homes. Of course, now it seems that renting is a temporary solution until we can afford to buy but there are a whole range of positives as well as negatives.
Pro: when renting a property the initial financial requirement is often significantly less than when buying; once you’ve paid your security deposit, it’s as simple as sending your monthly rent payments.
Con: you won’t reap the financial benefits of any home improvements or fluctuations in the market that will positively affect the value of the property.
Pro: it is your Landlord’s responsibility to take care of any maintenance work including guttering and blocked drains as well home repairs. When renting, if your drains are blocked then it’s up to your landlord to sort out the problem!
Con: you don’t have the freedom and flexibility to make any significant changes the property. Any changes will always have to be checked with the Landlord first; whereas, if you own your home, you’re free to change it to meet your personal tastes.
Mortgages: You Might Not Have A Choice!
The current economic climate has had a profound effect on the housing market and the number of people that are actually able to get onto that first rung of the property ladder. Banks have become incredibly wary about offering out loans and mortgages and if you have anything less than a perfect credit rating, it can seem nearly impossible to buy a home.
You may be in the position to buy your first home, you may be earning more than enough to pay your mortgage payments in full and on time but without a bank that’s willing to offer you a mortgage, you may be forced to continue renting.
Renting can be a both a pleasure and a nightmare depending on the quality of your landlord; make sure you know your rights as a tenant! Buying your home on the other hand, can be more stressful at times but you’ll have the joy of owning your home and having the freedom to make any changes you like.
The decision ultimately depends on your financial situation and your living preferences. The most important thing to remember, however, is to weigh up your options and make a decision based on what’s right for you. Do your research, take professional advice if necessary and either way, make sure you know what you’re letting yourself in for!
This article was written by Jennifer Griffiths on behalf of Hydro-Cleansing. If you own your home then you won’t have a landlord to maintain the property and if your drains become blocked, it’s up to you to solve the problem. The experts at Hydro Cleansing can help you with your drainage problems.