There are definite pros and cons to both renting and buying, so this isn’t going to be a post that pits one against the other as being the best option, because ultimately it’s about what suits your needs best, and even if you rent for a long time because it’s what you choose right now or because it works best for you, that doesn’t mean you can’t decide to buy in the future.
So, with that being said, if you’re unsure about whether to continue renting for now or if you’d like to look for a place to buy, then we’ve put together some of the benefits in this post to give you an idea of what to consider when looking at both options.
- You have more flexibility: When renting, you have far more flexibility when you need or want to move compared to when you own the property and have to either rent it out or sell it. So renting is a good option for you if you’re someone who moves around a lot or you haven’t yet decided where you’re going to settle.
- It’s easier to rent: Renting is definitely a good bit easier than buying in terms of paperwork and money. For example, when you buy a place, you need to get approval for a mortgage, have a hefty deposit, and there’s a ton of paperwork. When you rent, you usually just need one or two month’s rent as a deposit and to sign a contract.
- You have more choice: When you’re renting, you’ll have more choice in the types of properties you can look for compared to when buying because there are generally going to be more rentals available than places to buy. This is especially true in cities.
- You’re not responsible for major repairs: One of the best things about renting is that you’re not going to be the one who has to fix major things that go wrong with your place. So, for example, if the house is flooded due to weather conditions, then the landlord will be the one who has to foot the bill of bringing in a Flood Damage Cleanup Service to carry out repairs.
- You know where your money is going: On the other hand, a big argument against renting is that it’s just throwing money away, so if you’re buying a place, then although you’re having to pay more upfront and are tied to paying a longterm mortgage, you at least are paying off something that you’ll own outright in the end.
- It can be cheaper: Although you do pay more for a mortgage in terms of the actual property value and even have to pay a larger deposit upfront, you’ll often find that a mortgage will cost less than a rental payment each month. Of course, this depends on things like the location and size of the property.
- You can renovate as you like: When you own your property, you can do whatever you like to it as long as you can afford it, so compared to renting where you’re quite limited in what kinds of renovations you can do, this is definitely a benefit if you don’t want to be restricted in what kind of things you can do in your place.
As you can see, there are clear benefits to each option, so it’s just about finding the right one for your situation at the moment and seeing what is going to work best for you, not only in the short term, but also in the longer term.