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
|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 www.listproperty4free.com to find the best deals.