There are so many different benefits and disadvantages to both, renting and buying. Which is better? Well… Both are completely different and it really depends on you as an individual, your goals, lifestyle and mindset. So deciding wether you should rent or buy a property will have a massive effect on your future goals.
Let’s start with renting benefits. First of all, it comes with a lot of flexibility. You do not need to fully commit yourself to a property. Wether you are moving to a new city or want a change of scenery or any other circumstances you might be dealing with. You can make a quick decision to move out and you will not be tied down. It can also be cheaper to rent, especially if you are living with multiple people. It can also be a great way to meet other people and build relationships with them. Plus in most cases - you will not need to worry about maintaining and repairing your property as your landlord or agency will be in charge of sorting out bigger issues when it comes to your apartment or house. Renting also carries a lower financial risk than buying.
However, there are some disadvantages. For example, your landlord can increase rent at any time and in most cases, it happens too often and some landlords take advantage of it. The overall cost of renting is slightly more expensive in the long run but it also depends on many factors such as the area the property is in. Also you will not be able to make major changes to your property or decorate it, depending on your contract. Also, a lot of landlords do not allow pets which is a big issue for a lot of people because most families already have or are wanting to get pets.
Buying a property comes with a lot of advantages. It is a big investment and you could even turn it into a business if it’s something that you are interested in. You are also not tied to a tenancy agreement and you are able to do whatever you want with the property, making any changes you want. It provides more security and satisfaction with pride. Overall - it is also a lot cheaper than renting, at least in the long run. Besides, once you’ve paid it all off - you do not need to worry about those payments anymore.
There are also a couple of cons with buying properties as well. It is a long term commitment that needs to be taken seriously. It is a lot more difficult when it comes to moving houses as it doesn’t provide the flexibility of renting. Switching owned properties can be exhausting, stressful and time consuming.
Just like renting - mortgages need consistent income and stability. But it is more important to be financially stable when buying a property as it can come with extra costs and the interest rates may increase with time and like previously mentioned, if your financial situation changes - switching homes will be more difficult.
So generally speaking, there is no right or wrong answer when it comes to Buying VS Renting debates. It really depends on your preferences, living situation, personal habits and long term goals.
- Alby Tskhe
Padoo Homes
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