Rent vs Buy: The Great Home Debate

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The changing economic times have had quite an impact on the current housing market, with more and more families finding it hard to take that first step onto the property ladder. Renting is often seen as a simpler, cheaper solution and is certainly more attainable for some. But, if you do wish to own your own home eventually, then you need to know the ins and outs of the Great Home Debate.

The Perfect Home

Of course, before you even start thinking about buying a home, you need to think carefully about what you are looking for. Depending on where you work, where you want to live and how much you are willing to spend, your choices will vary greatly. For young professionals fresh out of college or their parent’s home, a small place in a city close to work may be ideal. However, if you are looking to settle down and raise a family, then perhaps properties such as family homes for sale in Mooresville NC would be more suitable? With renters, the situation is made much simpler; how much can you afford each month? If you don’t like the property you are in, pay up and move on to a more suitable place.

Starting Out

Buying your first home requires a lot of capital and for many people, saving up that deposit seems like an impossible task. With renting, the most you are usually required to have up front is the first month’s rent. Of course, you still need things such as renter’s insurance and security deposits, but the final amount is typically less than you pay for your first home. The downside is that you still have someone else calling the shots and you have to bear this in mind when making changes or renovations to the property. Unauthorized changes could end up costing you more in the long run if your landlord doesn’t approve.

Long Term Prospects

Renting is initially cheaper it would seem that buying your home outright, and you aren’t affected by any changes to the housing market, meaning your monthly out-goings stay pretty much the same regardless. But on the other hand, every month you spend money on a property and yet it will never be yours. That money you spend could be seen as ‘wasted’ as it never gets you any closer to owning your own home. If you are in a position to save each month instead, for example if you are living with relatives, it may be that you should make the most of it and start saving for your deposit now.

Moving On

The good thing about renting is that it allows far more flexibility that home ownership. If you have to move around frequently with your job or simply like the freedom to up sticks and take off whenever you feel, then renting is a good way to go. When you own a home, the costs of selling up and moving on can mount up and it is not something you should do on a whim.