Fewer and fewer people are buying their family homes these days. There are lots of families out there that will never own the property in which they live, and that’s not always a negative thing. There could be hundreds of different reasons why people end up renting compared to buying, and while some families don’t do that out of choice; this post will take a look at all the pros and cons of both solutions. Hopefully, you will come away with a better understanding of the options on your table.
The pros of renting
Firstly, there is no getting away from the fact that you can usually get the keys to a rental property in a matter of hours if you find an understanding estate agent or landlord. You are not responsible for repairs on the home, and you only have to cover your rent payment each month. Also, you can relocate whenever you like by giving a predetermined amount of notice.
The cons of renting
For some people, renting is like throwing your money in the bin. You pay thousands of pounds to live in a property, but you never own a single brick of the structure. You often have to pay for end of tenancy cleaning to ensure the landlord does not try to take your deposit money, and you could get kicked out of the house at any point with a reasonable amount of notice.
The pros of buying
If you decide to buy a home; you could choose a property in any town or city. The house will continue to increase in value over time, and so you will have an excellent asset that could help you to make a tidy profit one day. Nobody can kick you out of the house unless you make financial mistakes and have it repossessed, and you will have a stable place for your children to grow up.
The cons of buying
Just as there are lots of benefits to buying, there are also many drawbacks. For instance, you will have to cover the cost of any repairs and renovations to the house. That might not seem like a problem at the moment, but imagine how much you would have to spend if the roof collapsed or something similar. You’re also stuck in the same place forever unless you decide to sell. Relocating will cause many headaches and take a lot of time and effort.
You should now have a reasonable understanding of all the pros and cons or renting your family home compared to buying. Use that information to ensure you make the right choices this year. Young families often benefit from renting because it gives them more freedom to work out what they want to do with their lives. People in rental homes can move whenever they like, and that is advantageous to some folks. However, buying is the only way to ensure you don’t waste money and have a secure roof over your head for many years to come.
All the final decisions are down to you!