There is a lot of confusion at the moment about whether or not people should be renting or buying their properties. As we’re experts in the field, we thought today would be the perfect time to offer some advice and guidance. Throughout the course of this post, we will list all the pros and cons of renting and buying in the hope of setting the record straight. With a bit of luck, you should know which route you need to take in only a couple of minutes.

The pros of buying a home

  • One of the main advantages of buying a home is that it will belong to you until you decide to sell. That means you have complete control over what happens to the property, and nobody can turf you out on the street.

  • Buying a home is also a good investment for the future. So long as you hang onto it for more than ten years, you will almost certainly make a healthy profit when you come to sell the property.

  • No matter what happens to the housing market in the future, you will always have somewhere to live if you decide to buy. It’s just that you might lose out if you put it back on the market too soon.

The cons of buying a home

  • There is a lot of uncertainty related to the global economy at the current time. If you choose to buy now and something bad happens, you could lose all your money. You would still owe thousands to the bank, but you wouldn’t have any valuable assets to show for the debt.

  • House prices frequently rise and fall, so it is almost impossible to work out if you are buying at the right time. You could spend $130,000 on a house today only the find a property of the same size and quality for $10,000 less tomorrow.

The pros of renting a home

  • There is so much choice at the moment that you only have to search for a property online to find thousands of suitable rental homes. That means you are certain to find something suitable in your location of choice.

  • Renting a home means you can leave and move somewhere else with only a few weeks notice. If you wanted to move after buying, it could take months or even years to make it happen.

  • You are not responsible for most of the maintenance jobs in rental accommodation. That means you shouldn’t have to spend money on getting the shower fixed or anything of that nature. You simply call the landlords, and they arrange for a tradesman to visit.

The cons of renting a home

  • You may pay more in monthly rent than you would for a mortgage. On top of that, all the money you spend goes straight to the landlord. So, you won’t have anything to show for your investment.

  • There is no security in renting a property. In many instances, you will have a rolling contract that means the landlord can kick you out with only a month’s notice.

As you can see, there are lots of positive and negative elements to renting and buying houses. However, there should be enough information there for you to work out which is the best solution given your personal situation.