Buying vs Renting: Advantages and Disadvantages

People often talk about how great it is to move out and buy a new home for yourself however the question is whether it is more beneficial to rent or buy a home. That is why we have come up with a list of the advantages and disadvantages on both sides for you, therefore you will be able to pick which suits you more.

 Buying a Home

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Advantages –

  • The value of the home will more than likely increase over time therefore if it comes to you selling your home in the future you will make profit.
  • You won’t have to follow any rules as there will be no Landlord.
  • Often when renting you’re restricted to decorating your home, therefore if you have your own property you’re able to decorate it how you would like.
  • Many people buy houses to rent.

Disadvantages –

  • You have to be financially stable to buy a home, this is because you will have to pay off your mortgage and other housing maintenance, for example, gas and electricity.
  • There is a risk of not making any profit if you do sell your house.
  • You don’t have much flexibility when it comes to moving, this is because if you would like to move somewhere else you more than likely have to sell your house before you buy somewhere new.

Renting a Home

Advantages –

  • You have more flexibility when wanting to move, this is because you don’t have to wait around for your home to sell. Many people choose to rent when they’re wanting a short term house and relocation. In addition to this, renting is great if you’re thinking to change jobs or your job is relocating to a different place. Therefore, this equals to no stress when wanting to move out.
  • If your job is near the city and you would like to live near to avoid long travel to and back from work then it’s a great idea to rent somewhere in or near the city, this is because the prices of buying houses dramatically increase when they’re near a major city.

Disadvantages –

  • Renting a home comes with restrictions, people find this off putting especially when it comes to wanting to re-decorate the property.
  • If you would like to make slight changes or decorate in a certain way you will always have to ask permission from the Landlord.
  • You won’t be able to make any money of the property you live in.
  • You also don’t have guarantee that your lease will be renewed, therefore this often causes stress and anxiety.

Whether you choose to rent or buy a property there are plenty of home removals in London which specialise in helping you move homes and offices.

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