Looking for a new place? You might be debating over a million dollar question…should you buy or rent a new home?
Looking for a new place to live the definitely an exciting time, but it can also be quite stressful and one of the big decisions that you may have to make is whether or not you want to rent or buy a place.
So to help you make your decision a little bit easier, in this post we are going to share with you some of the pros and cons for each option so that you can decide for yourself which will work best for you.
Buying a place is definitely going to be a bit more expensive upfront given that you have to pay a higher percentage of a mortgage in order to get a place, but overall buying can be cheaper than renting on a monthly basis.
You own it outright:
Another great advantage of buying a place is that you own it outright, so once you pay your mortgage, you know exactly what that payment is going towards each month, so you can use it as an investment and you can also sell your home in the future for other things that you may need.
It can be more difficult:
There are certainly many benefits to buying a place, but one of the downsides of it is that it definitely can be a lot more difficult to be accepted for a mortgage than it is to be accepted for a rental agreement, so this is something that puts a lot of people off and it’s also not just the acceptance rate, but the fact that it costs a lot more and this is something that people just aren’t going to have as much money for and it takes a longer time to save to buy something.
Paying someone else’s mortgage:
One of the downsides of renting a place, and one of the things that put a lot of people off is that they feel like they’re paying someone else’s mortgage each month and not seeing any return on their money as they would do if they were buying a place and knowing that they were able to use that as a future investment or as a retirement fund or even something that they could pass on to their children.
Another one of the downsides to renting is that those who rent typically don’t have as many rights as someone who’s going to own a property – not just in terms of things like how long they get to stay there, but also in terms of things like being able to renovate and decorate place the way that they would like to, so it’s perhaps always going to have the feeling of being someone else’s home which isn’t really something that most people are going to want to have.
Of course there are plenty of upsides to renting, and one of the best things about it is it’s a lot easier to find a place to rent than it is to find a place to bu – not just in terms of the acceptance rate and that it costs less money to rent upfront, but also based on the fact that there are more properties available to rent than there are to buy, so you have more choice available to you as well, which is never a bad thing when you are looking for your ideal place to live.
The Bottom Line
At the end of the day, you will weigh these pros and cons to make the best decision. While some people can never imaging spending every Saturday cutting grass others cannot fathom requesting permission to paint their walls.
It all comes down to what best suits your lifestyle.