It's clear that buying a home can be a significant life decision. But, is it right? There is no one right answer. There are many merits and demerits to buying and renting. Your personal finances are an important factor in your decision-making process. Renting seems to be the most affordable option.
But that is not always true. It all boils down to lifestyle factors like whether you prefer stability or flexibility, your career goals, and whether you are looking for a place you can call your own.
The Advantages of Renting
There are no maintenance costs or repair bills
Renting a house is a great option because there are no repair costs and maintenance costs. Owner of the property is responsible for all type of maintenance and other things/ There are no maintenance and repair costs
Renters are not responsible to pay for home maintenance and repair costs. The homeowner or landlord is responsible for fixing any plumbing or roof leaks or windows that have been damaged by the wind. Tenants and renters are required to maintain a clean home.
Access to Amenities
Renting is a great way to save money as you have access to amenities that would otherwise cost a lot. Many apartments come with luxuries like an in-ground swimming pool or a gym, which are included at no extra cost to tenants.
You are bound and protected by the terms of a tenancy agreement once you sign it. You can stay in the property as long as you don't cross the agreement.
Fixed rent costs
The rent costs are set for the term of the tenancy agreement. Landlords are usually not able to increase the rent during this time. This exception is only if your tenancy agreement allows an increase or if you consent to an increase.
The Advantages of Buying Property
You can make any changes to your house when you purchase it.
Monthly housing payments that are predictable
Your landlord can increase your rent when your lease ends, and often as much as he likes. As a homeowner, however, you can lock down a fixed mortgage payment for up to 30 years.
Freedom to make changes
You can make any changes to your property with your will. You can alter or damage as this is your property.