The news is constantly telling us that the current generation of home buyers are simply not able to afford to get on the property ladder and face spending their entire lives renting. But is renting so bad and what are the pros and cons of renting vs buying.
There are, of course, many things to consider when making such a huge decision, the first and most important is financial but after that, there are a number of practical and emotional decisions you’ll need to make.
The biggest pro of buying your own home is that once you have paid off your mortgage, the house is yours, and you won’t ever have to worry about paying for the accommodation again. This is, of course, if you don’t move to a more expensive home. However, if you buy a home, then you need some effective learning that could allow you to opt for the best value for money property. For instance, you need to know about the financing options, the type of home you can buy, the importance of credit records and much more. That is why it becomes important to click here, visit the site, go through the post, and gather some useful pieces of information before jumping to a conclusion about buying a house.
Anyway, if you have already gone through the post, then you must be aware that your home will increase in value after a few years of you purchasing it. However, if you did not know this, then this is something you should consider when buying your home either through a mortgage or by offering the sellers a cash offer (somewhere like Reali can give you a helping hand in this area). It is important to remember that this increase in equity will mean that you can work your way up the ladder and increase your home size as your family grows.
If you buy a home that needs a bit of work doing, you may have saved yourself a bit of money in the asking price but as time goes on and you make home improvements, it will naturally increase the value of the home when you come to sell on. For example, if you were to look for houses for sale in idaho as compared to any other state, you might have to do your bit of research about all possible aspects and then decide on a final home. You may save some money at the initial stages, which you could invest in your renovation plans for your future home. From replacing windows to adding an extension, completing a loft conversion, and generally doing some much-needed maintenance will increase the value of the property.
The cost of a mortgage, depending on the deposit you put down is often cheaper than renting, so you may be better off all whilst having the added benefit of owning your own home. In light of the various advantages associated with buying a home, you might want to Buy Luxury Real Estate in Las Vegas (or wherever you are located). Additionally, you may have to do your own research in order to determine whether to buy or rent.
However, there are a few cons which come with owning your own home. The first is the large deposit you will be required put down, this can take years and years and is often the reason why so many people end up renting because they can never save the required amount (usually 10%). Buying a house is a big commitment to make and you need to be sure it’s the right thing for you.
It’s true that many millennials are choosing to stay on the rental market and it’s not just a financial issue.
The freedom of renting is something which buying just doesn’t offer you, a change in situation, a relocation for work, a growing family, all of these changes when renting aren’t a big deal, just give your month’s notice and move into another suitable property. This flexibility just isn’t possible when you buy, mostly because moving and selling your home is a long process which can take months.
Another benefit of renting is that there are no significant upfront costs, yes you will have agency or landlord fees to pay as well as a deposit but this doesn’t usually amount to more than a couple of hundred to a thousand pounds which is affordable if not done too regularly.
When it comes to a decision about renting or buying, you have to weigh up your personal circumstance and see what you can realistically afford and how your lifestyle will fit in with either option.
Buying a home is a big commitment and one which shouldn’t be taken lightly, so take your time, speak to a dedicated mortgage advisor and shop around to see what kind of house, price and location is right for you