Rent, or buy?
To rent, or to buy? That’s a question that has plagued both first time buyers and those experienced with the whimsical ways of the property market since the dawn of, erm, house buying. With that being said, there’s still no definitive answer on whether buying or renting a property is best, so we thought we’d add to the discussion in the hopes of guiding someone to the right decision for them.
To rent, or to buy?
Both renting and purchasing properties have their benefits. For many, renting a property is enough for them and they have no real desire to own their own home (and all the added pressure that comes along with it), and that’s fine! For those of you who aren’t sure whether renting or purchasing a property is best for you, you’re in the right place.
Something that you need to consider when deciding whether home ownership is right for you or not is the economics of home ownership, and how that compares to what you’re used to from a rental property. Of course, if you’ve bought a house before and are already familiar with this element of home ownership you’ll have a good idea of whether you want to get into that again already. For those of you that don’t, here are some things well worth considering:
- the fact that you’re responsible for everything yourself when you own your own home. Any repairs, replacements and permissions are your responsibility, there’s no Landlord to turn to. On the other hand, when you’re renting, you have the Landlord on hand to deal with all the unpleasant aspects of living in your own home. This offers a lot of peace of mind.
- when you’re a home owner, you can do pretty much anything with your home providing you get the correct permissions from local authorities and you’re not infringing on others’ comfort when you do so. On the other hand, those who are only renting will need their Landlord’s permission before they can so much as paint a wall – if you’re renting, you’ll have to sacrifice some creative freedom with your home.
- owning a home can be incredibly expensive, and that’s after the initial pay out for the deposit, the conveyancing fees, the Estate Agent fees, and then the monthly mortgage payments. Most home owners find insurance to be an essential asset in case anything does go wrong, so you can add that to your monthly outgoings, and if you choose to forgo insurance then you’ll need savings in case anything goes wrong in the home. On the other hand, renters only really pay out their rent each month, with insurance being largely optional and the initial property fees being a lot lower than when a home is being purchased.
As you can see, your finances will play a huge part in whether buying or renting a home is the best choice for you, and this is something you’ll have to evaluate for the long term, and keep on evaluating through the years. Unfortunately, there’s still no definitive answer for whether renting or buying is the best option – it all depends on circumstances.
Real estate, redefined
Whether you’re ready to dive in head first, or would prefer to continue weighing your options in a rental property for a while, we at Domobase can help you find the home of your dreams. We connect you with only the finest Real Estate Agents and Landlords to find you the very best properties that we know you’ll love. What do you need to do? Simply fill in your details on our app, or link up your social media profile and we’ll have someone get in contact with you as soon as possible.