Many people hold strong views when it comes to buying and renting, but really the truth is, there’s not actually a right or wrong way of doing things because it’s just something that has to suit your current needs, lifestyle and budget.
Renting a property has its upsides, but so does buying, and there’s also downsides to both options, so it truly is an individual choice that only you can make for yourself to see which suits you best.
To help you with that choice, here are a few benefits to buying and renting that will perhaps allow you to make a more informed decision based on your own needs.
You own it: One of the best things about buying a place is that each month you’re paying your mortgage towards something that you’ll eventually own, and this is often used as one of the main defending arguments when it comes to buying versus renting.
You’ll likely pay less: Of course it always depends on various factors, but typically a mortgage payment will be less than rent and since you have the added benefit of knowing you’re going to own the place, this can make buying a place seem very appealing to most people.
You can renovate anytime you want: When you own your house or apartment, you can do whatever you want to it, whereas when you’re living in a rental place, you’re going to have to ask for permission from your landlord if you want to decorate or make any changes. Plus, it’s likely not something you’re going to find too appealing when it comes to investing money in something you don’t even own and that someone else will reap the benefits of.
You can move whenever you want: If you’re someone who needs to move a lot for work or you just haven’t decided yet where to settle, then renting can really be a good choice for you because you have far more flexibility to move whenever you like.
You’re not liable for repairs: When renting, one of the great things is, if something goes wrong such as pipe bursts or there’s any kind of smoke or fire damage that’s not your fault, then the responsibility is with the landlord to make arrangements by calling in a plumber or contacting Fire Cleanup Companies to deal with the repairs.
You will find more choice of properties: When renting, you’ll likely find that it’s easier to come across properties in a wide range of budgets and also just in far more abundance that you’d find when looking for a place to buy, so this can make the hunt for a new place a lot easier overall.
You will find it easier to get a place: Getting a place to rent comes with a lot less in the way of paperwork than buying a place does, so if this is something that plays into your decision, then renting could be a good way to go, at least for now until you decide more about the kind of place you’d like to live.