Real estate
Real estate

Renting vs Buying: Which is Better?

Whether renting or buying property is the better option for you is dependent on a large number of things: what’s the property market like at the moment? How are your finances? Can you get a mortgage? There are many questions you have to try and answer.


Whether renting or buying property is the better option for you is dependent on a large number of things: what’s the property market like at the moment? How are your finances? Can you get a mortgage? There are many questions you have to try and answer.

If you’re looking for a little guidance as to whether you should purchase a house, or settle for renting, just keep on reading.

Renting

For those who aren’t clear, renting a property means that you pay a landlord to stay in a house that they own. Rental prices are often a few hundred a month depending on the type and size of the property, and you sign a lease agreement which is a legally binding document. Just like anything else, renting has its pros and cons; let’s take a look:

Pros

  • You’re not tied down: Leases can vary between anything from a few weeks, to years and years at the discretion of your landlord. You’re not tied beyond the lease you sign up to (which usually last a year and then renew) and then you’re free to go.
  • Relatively affordable compared to buying. A deposit for a rental property is usually just a month’s rent in advance, whereas a deposit for purchasing will generally be 10% of the overall price.
  • Repair security. If anything goes wrong with your rental property, your landlord is the one responsible for repairing it, not you.

Cons

  • It won’t feel like your home. Because someone else owns the property, you won’t be able to make major changes, e.g. structural changes and extensions, and may even need permission to decorate.
  • There’s not that much security in a lease. Unfortunately, there’s little to prevent your landlord giving you a month or so notice and asking you to find somewhere else to live. You don’t have that problem when you buy your own home.

Purchasing

It’s the dream of many to own their own home, and it’s easy to see why. Like renting, it has both its pros and cons, but for most people the pros massively outweigh the cons. Let’s take a look at some of them:

Pros

  • It’s truly your home. Unlike renting, when you purchase a home it really is yours. You can do whatever you want to it aesthetically, and apply for planning permission to make major changes to the building itself. There are virtually no limits.
  • Providing you don’t default on your mortgage payments, your home is yours forever. It’s something you can pass on to your children, and it’s a brilliant financial asset.

Cons

  • Everything is your responsibility; unlike rental properties, you’re responsible for paying for decoration, maintenance, insurance, and any other costs that crop up.
  • It can be very expensive. The cost of actually buying a house is pretty high. There’s the deposit, the Real Estate fees, the conveyancing fees, and that’s without taking into consideration later payments such as the mortgage and insurance.

Real estate, redefined

There is no black and white answer about whether renting or buying is better; it all depends on your personal circumstances and what you’re looking for in your home. Whichever way you go, though, it all starts with Domobase. Domobase connects you with the finest Real Estate agents and landlords, whether you’re looking to rent, or buy. Just link your social media profile and tell us what you’re looking for, and someone will be in touch.


Charlotte is the content creator for Domobase, a freelance content marketer and creative fiction writer. When not scribbling away, she can usually be found with her nose in a book.