Renting vs. Buying: the Benefits and Drawbacks


Renting vs. Buying: the Benefits and Drawbacks


When you’re looking to move out for the first time, you’ll be faced with the decision to rent or buy. But which is best? Read on below to find out…


There’s nothing quite as exciting as moving into your own place for the very first time. Whether you’re moving out by yourself, with a partner or even a group of friends, there’s plenty to look forward as you begin a life of independence.


But, as you’ll be well aware, moving out isn’t all that simple. There are plenty of important decisions to be made, with the most notable one being whether you want to rent or buy.


Renting and buying both have their advantages and disadvantages, which is why it’s crucial to understand exactly what you’ll be getting yourself into when you pick one over the other. So, before you even think about instructing a conveyancing solicitor to plan out your move, read on below to learn more about what renting and buying will entail…



The Benefits of Renting


Renting Lends Itself to a Quick Move


If it looks like it’s going to take some time to build up a decent deposit to buy, but you want to make a move ASAP, then renting may be the way to go. The deposits required for a rental agreement are substantially lower than what you need to put down for a purchase (often being the equivalent of a month’s rent). So, you can fly the nest sooner than you might think.


You Have a Landlord to Handle the Messy Work


Let’s be honest – not everyone is as handy with a set of tools as they might think. But, if you’re renting, you need not fear; your landlord is there for a reason.


If anything goes wrong in your rented property, be it the heating, water, or plumbing, all you need to do is give them a call and they will have to sort it for you. That means you’ll have a professional on site to do the job, and your landlord will cover the costs. That’s so long as the problem wasn’t directly caused by you…


You Won’t Miss Out If the Property’s Value Goes Down


The property market is constantly shifting to match the current state of the economy, but that won’t be something to worry about if you’re renting. As you don’t own the property, you won’t be losing money if its value dramatically decreases.


The Drawbacks of Renting


Renting is Not Always Suitable for the Long Term


Yes, renting is usually a much more affordable option for anyone who is likely to find getting a deposit together difficult, but it’s not a viable long-term option. Monthly rent prices will soon mount up and, when you think about it, that money is going straight into someone else’s’ pocket, rather than towards a property of your own. Not ideal.


Your Options are Somewhat Limited


Every rental agreement is different, but the vast majority will restrict what a tenant is able to do to the property. This will include making substantial changes, like painting the walls, or replacing flooring.


If you’re renting a property that has carpet and you’re more of a hard wood kind of person, then you’ll have to deal with it, unfortunately.


Your Landlord Can Increase Your Rent


No one likes it when you have to start paying more for the same thing, right? Well, if you’re renting, you’re always at the mercy of your landlord, who can choose to raise your rent at the end of an agreement if they need to raise more funds.


It’s not the end of the world – you can usually negotiate with them on the new price of rent they are asking you to pay – but it can be especially annoying if it interferes with your budgeting plan.




The Benefits of Buying


It’s Yours and Yours Alone


Once you’ve bought your first home and have picked up the keys, it’s yours to do with as you wish. You won’t have a landlord getting in the way of your renovation plans, meaning you can make as many changes as you see fit.


There’s a line to this, naturally. You’ll need planning permission if you plan on making external changes to your home, such as an extension, but that’s an entirely different matter in itself.


You Can Use Your Property as an Investment


When you own a property, it’s likely to be your most valuable asset. That’s unless you just happen to have a diamond ring, or a top of the range sports car lying about!


Very few people stay in the same home for their entire lives which means, when you do decide to move on, you can use your home as an investment to trade up. You can even increase the value of your home because of your own handy work!


Mortgages Can be Cheaper Than Renting


Many people initially turn their noses up at the prospect of having to pay off a mortgage on top of a deposit, but it can work out cheaper than renting for a long period of time.


If you have a fixed rate mortgage, you will also have the security of being able to control your costs much easier, rather than being at risk of having your rent increased by a landlord.


The Drawbacks of Buying


Everything is Your Responsibility


When you buy your own home, it’s not going to be plain sailing. If anything goes wrong in your property, it’s going to fall on you to make sure that it gets sorted.


That’s either going to mean dealing with the problem yourself or, if you don’t think you have the requisite expertise, hiring a professional to take a look. Either way, there’s a chance you could be left with a hole in your pocket.


Buying is a Huge Financial Commitment


You don’t want to think about buying a home if you aren’t fully committed to making sure that you are in a position to pay it off.


If you are intending to move out with a partner, you should also make sure that you are on both on the same page when it comes to buying a property. If you’ve only been together for a short amount of time, it might be better to hold off for a while!




Are You Still Deciding Whether to Buy or Rent?


Deciding whether to rent or buy is going to be a personal decision that depends on a number of different circumstances. That said, hopefully these pointers have given you a better idea as to which is best for you.


Have you got any more tips related to renting or buying? Leave a comment below with your own suggestions!

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