There are advantages and benefits in both renting and buying a property.
- It is important to assess your current financial situation as well as your plans for the future.
- Your lifestyle is also another major factor to consider.
- If you can afford it, then it is preferable to purchase your own home as it is a long term investment providing stability and security. As a homeowner there are additional monthly costs such as:
Rates, levies, insurance and maintenance for which you, as the homeowner, are responsible for. Buy when and where you can afford to get a foot on the property ladder.
If renting is what you are looking for, this then gives you the flexibility to move homes and jobs at short notice. It also gives you a hassle free maintenance living arrangement. Make sure you sign a lease and have a snag list in place of all defects when moving in. As a tenant there is a possibility of living in an area in which you could not afford to buy. As a tenant you cannot make changes to a rented property without the consent of the owner.