Buying vs. Renting

Tuesday, January 30, 2018

As I've mentioned about 101 times already, Kallum and I (mainly Kallum) are working hard to save up enough money for a deposit on our own home. In order to do this we have packed up our 2 bed rented house and moved back in with my parents. As lovely as this is 99% of the time, I can't help but miss having my own little home. Saving up enough for a deposit feels like it will take a million years which has left me thinking to myself, is there even that much of a problem with renting? For my own sanity and well, just a bit of a reality check, I've decided to compose a little buying vs renting list in order to put my mind at rest once and for all.

Buying (pros)

  • You're on the property ladder - any money you put into the house will *hopefully* eventually benefit you.
  • Once you've paid your mortgage off the house is yours.
  • You can decorate it however the hell you want.
  • You can have as many animals living with you as you want.

Renting (pros)

  • Should certain things in the house break (e.g. boiler) it's up to the landlord to pay to fix it.
  • If you decide you don't like the house/area anymore, it's a lot easier to up and move to another one.
  • A lot cheaper in the first instance (bond/agency fees)
  • It's not your problem if the house decreases in value.

Buying (cons)

  • Any damages/breakages are up to you to fork out for 100% of the time.
  • If you decide you don't wish to live here anymore, it's a lot more expensive to do something about it and take a lot more time.
  • You may end up in negative equity which would end in a financial loss.
  • Deposits start from 5% of the houses value meaning the initial price tag may not be easy to come up with. 

Renting (cons)

  • Pet restrictions.
  • Decorating Restrictions
  • Bonds aren't always easy to get back.
  • At the end of the day, the house isn't yours but you may spend a lot of money to live there per month.

So there's a quick round up of things that sprung to mind. At the end of the day, buying vs. renting depends very much on a persons situation. Some people may be able to get a mortgage deposit together easier than others. Some people may find they actually prefer the no strings attached side of renting. You just have to think of yourself in these situations and ignore any hate from others who have chosen the other option. As long as you have a roof over your head and food in your tummy, you're doing alright.

Disclaimer: This blog post is in no way sponsored and all opinions and photographs are my own.


Note: Only a member of this blog may post a comment.