Buying verses renting oftentimes simply comes down to finances but beyond that, there are many advantages and disadvantages to each. So how do you decide? Oftentimes it comes down to the lifestyle you want to lead and where your priorities lie.
Buying
Buying can be a great option as it allows your money to build equity in something. A home is a great investment. Beyond that it has a lot of advantages as well.
If you own your own home, you can do with it basically what you wish. You can paint away, change the landscape, renovate, etc.. In short, you can really make it your own. Not to say that you can’t do that with renting but you have the option to make bigger changes when you own.
On the flip side, with owning a home comes a lot more responsibility. All maintenance and upkeep expenses are your own. If the roof needs repairing or the driveway repaved all that falls on your shoulders. Owning a home really is a big personal, and ongoing, investment.
Renting
Renting can be a great option for short-term living, checking out a neighborhood before you invest in the area, and helping to prioritize your time on things beyond your home.
If you rent your home, you have much less responsibility for its upkeep. If an appliance breaks, it’s often the landlord’s responsibility to replace it. This can be a great financial and personal hassle that is taken off your plate. In short, there’s much less financial risk when it comes to unexpected expenses when you rent.
On the flip side, your money is not going toward an investment, which may or may not be a concern at this point in your life. When you rent, you also have less freedom to make the home your own as far as renovations, sometimes including painting rooms the color of your choice. You certainly can make it your own in many other ways though!
Renting vs. Buying
While oftentimes whether to buy or rent is looked at a purely financial decision, as you can see, there is a lot more to think about when you make this decision. Buying a home is more than a financial investment it’s a big personal investment.
There’s also a middle ground that you may want to consider, which is townhouses or condos where you do buy your unit, but much of the maintenance, as least the outdoor maintenance, is taken care of for you. Townhouses and condos can be a bit less “risky” as you will have less unexpected expenses and responsibilities, while still having the benefits of investing in your home and having more freedoms as far as what you do to the inside of your home. It’s definitely an option to consider, especially if you find yourself waffling over the idea of buying verses renting.
What is your Preference?
Do you want to invest more of your time and money in your home? Or do you want something more turn-key? Do you want the freedom to fully renovate as you wish? Or are you generally pretty happy making your home yours based on decorating it with your own personal items? Which makes more sense based on your priorities?
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01 August 2020
I hate renting, but it’s impossible for me to buy, so I’m just wasting money and living in none ideally conditions
That’s rough when you are in a situation you don’t want to be in. I wish you the very best!
Renting has a lot of positives, for younger people especially. It could be a trial run for a relationship, I know a few people who have broken up not long after moving in together as it made them realise it wasn’t meant to be long term. Plus the things you mentioned about new areas, and it can help you figure out what you do/ don’t want in a home when it’s time to buy. And the obvious that getting on the property ladder with a big enough deposit can take a very long time depending where you live. But of course buying is the better option once you’ve figured out all of the maybes and are financially able to do so x
Sophie
Yes, exactly, hit the nail on the head Sophie!
I think renting for a couple of years is practical when you’re young and don’t have enough to buy a home yet, but I definitely think that buying a home when you’re able to afford it is a good investment!
I agree as well Isabelle – timing is everything! 🙂
I’m way more inclined to rent until I find the “forever” home, but I love how you weighed up both options in this post! I have always like the idea of temporary spaces so I can move place to place, but there are huge benefits in investing a home too. Great post 🙂
Anika | chaptersofmay.com
Thank you Anika – I’m glad you enjoyed the post
There are definitely benefits and drawbacks to both renting and buying. I think renting is a lot more realistic for most young people, especially while we try and save for a deposit (which can be incredibly difficult!). x
https://www.femaleoriginal.com
I completely agree Faye – temporary living quarters is great when you are younger.
We are lucky to be in a place where we can buy, and we see it as an investment. We only plan to be here for maybe the next 5-7 years and then possibly build our forever home!
Best of luck on finding your forever home – what a special time!
One of my biggest goals is to buy a house. I’m currently building up savings and am hoping to have enough for a deposit by the time I finish uni. However, if I don’t meet my savings goal then I will rent for a while whilst I build up the funds
Roni | myelevatedexistence.com
Best of luck Roni – it’s such an exciting time in your life!
Buying a home is an investment! But it can cost a lot of money depending on where you choose, but it’s worth it in the end!
Nancy ✨ exquisitely.me
Is sure is, esp. if it’s done at the right time for a person.
I’m currently thinking about buying; I’ve rented for several years now, and while I don’t mind it, you are so often reliant on your landlord being ‘good’ in terms of livability etc. Additionally, as I have lump sum as inheritance, with interest rates so low I figure it’ll do much more good as a house deposit than sitting in the bank!
Yes, it definitely sounds like the time is right for you to buy Helen. How exciting! I wish you the very best!