Buying vs renting? This question is usually asked for people who are planning to start a family or even for those who are renting a space for a long time. In UK, there has been a news that buying a home is 20% more expensive than renting but there are advantages, of course. Buying a home is a decision that should be thought through. There are the pros and cons of every choice you make.
Buying a home can cost you a lot of money but it would actually save you money also for the next few years. Also, renting can be a good choice for specific persons who want to have a quick move if needed. Check out the advantages of buying and renting below.
- Your monthly payment goes through your own pocket and not to other people, landlords, specifically.
- You wouldn’t have to worry about where to stay.
- You can redecorate or redesign your home inside and out, freely.
- You can have a pet or have a party without getting permission to anyone.
- You can spend lots of money by renovating the house.
- You can use its equity if your home increases in value in order for you to buy a bigger home.
- There is no landlord who can tell you to leave if a problem arises.
- You’ll have a peace of mind if the property’s worth goes down.
- You won’t have to pay for the repairs and renovations.
- You could afford to live in a bigger home in the area you want to live in.
- You can move right away if you want, and if you have the money.
- The process is easier than buying a home.
- Rent cost is lower than mortgage cost.
- You won’t have to worry about the interest rate of the property monthly.