rent or buy a house

Rent or Buy a house? Renting vs. buying

Deciding if you rent or buy a house can be a difficult choice, probably the largest financial decision you will ever make.

First you need to be clear on your goals, will this just be a place for you to live or you want this also as an investment? Rent or buy a house: Both have advantages and disadvantages. The answer largely depends on your situation and preferences.

The mere fact that you can afford to buy a house doesn’t necessarily means that this is the best choice for you. Buying a house is not for everyone. Let’s look at the pros and cons!

Rent or Buy a house: a short overview

renting buying
Responsibility Your only responsibility: paying your rent on time and inform the landlord when problems occur. You carry the greater responsibility: you need to fix problems that come up.
Flexibility Renting a house gives you the flexibility to move whenever you like (after minimum tenancy period). Buying a house can get in the way of your flexibility. You can not just pick up and move.
Uniqueness For most improvements you will need permission from your landlord (e.g. painting walls). You can make any improvements you like (within building regulations).
Financially Probably you need to pay the equivalent of a month’s rent upfront as a security deposit. Huge investment. You need to have the first deposit saved up & make sure you can afford monthly mortgage payments.
Investment Possibility Paying a rent doesn’t give you anything back for your investment. Your property could increase in value after some time.
Good Location Renting in a good location might be in your price range. Buying a house in a good location might be too expensive.

If you decide buying a house is the best option for you, check out our website to find the best deals.

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