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To Buy Or Not To Buy

Are you a buyer, or a renter? A lot of people assume that everyone should end up eventually getting a mortgage and settling into one home for good. But the reality of it is, a lot of people find it easier to rent rather than buy. Saving for the big deposit that a mortgage requires is rather hard with all the other expenses you have to cover. But what are the pros and cons of both sides? Why do some people choose to spend their time renting, and why do some people choose to spend their time moving around and renting? Well this article is going to explore a few of the reasons.

Renting

Renting comes with a lot of benefits, the first being the luxury of being able to move around a lot easier. It is common for people to buy a house and be wanting to move within a couple of months due to seeing something else they like, but they’re then stuck with a mortgage. With renting you most likely only have a six month contract. When that’s up you can either choose to renew, or to end the contract. If you choose to end the contract, one of the big downsides is you have to pay for the solicitor’s fee and do have to go through the hassle of moving again. But on the plus side of this, you do have a new exciting place to move into at the end of it, and there shouldn’t be as much paperwork compared to if you were moving and getting a mortgage. There also seems to be a wider range of apartment rentals compared to outright buying for a more affordable price. For the amount of money you spend, you can already get a hell of a lot in terms of home space in the US compared to other countries. So what you get for renting is even better.

Buying

The main advantage of this is you’ll have a lot more stability when it comes to outright buying. The house will be solely yours, and it does feel like you accomplished something when you’ve bought your first house. There is however a lot of organisation that goes into a house. Once you’ve bought it, it’s very very hard and very very expensive to turn back. So you have to be absolutely sure that you’re going to be able to afford and enjoy what you’ve bought. There’s also a lot of saving involved when it comes to buying. The deposits you have to save are incredibly high, so it can take a lot of time to get the money you need just for the deposit. Then you have to save for the fees and the furniture. Then you’ve got the hassle of moving etc. but this does also come with renting. Some people find the stability of actually owning the home outweighs the flexibility of renting. Plus, when you’re buying your own home, family are a lot more inclined to donate money and gifts to help with the whole process.