To Rent or Buy A Home? The Argument for renting!
At a time when bigger mortgage deposits are being required by lenders to be able to buy a home, many young first time buyers and growing families must be out of their minds with worry, wondering if they’ll ever be able to buy a house!
Is renting the end of the world though? Are you a lesser person because you rent?
Home ownership is put on a pedestal as the most important factor of your adult life, something we should all attain to. In some aspects I agree and will outline these in a follow up post!
There are advantages to renting however that we shouldn’t overlook and next time you’re sat there feeling depressed that you havn’t yet reached lifes ultimate goal of home ownership consider the following!
Don’t ever take freedom for granted. You never know what twists, turns or opportunities life might throw your way. Never underestimate how much owning your own home can prevent your ability to react to these changes in circumstance!
Think about if you were to be offered a promotion in another area, were to have a child or perhaps the area you are living in were to have a surge in crime! What would you do?
If you own your own home you have the worry of being able to sell it! You might have fallen into negative equity and might not be able to afford to sell it. You’ll worry about all the effort you’ve put into your house to get it just how you want it, will you really want to leave all that behind?
By the time you’ve been able to resolve all these issues an opportunity may well have passed you by! If you rent however, you only need hand in your notice and rent somewhere else. There is a lot to be said for this kind of freedom!
When we buy our own home many of us stretch our finances to get the best we can afford! We may not take into account how many maintenance costs are involved when owning a property.
What if your boiler was to breakdown, you had a damp problem or your property needed a new roof?
If you rent your home you can simply pass these problems on to the landlord. If it doesn’t get sorted you’re free to move elsewhere!
Help if things go wrong
None of us want to think of the prospect of losing our job, or worse yet our health!
Sadly though these things do happen to people every day. In the UK the system is set up in a way that more government help is available to those who fall on hard times if they rent their home, than if they own a home.
Though I would not base my life decisions on this, especially with the debt mess most governments are in at the moment, it is worth consideration!
I am certainly not saying that home ownership is a bad idea and my follow up post will outline this, but next time you’re sat there depressed that you have not yet reached the home ownership goal, think about the factors outlined above. Maybe you’re in a better financial position than you’re giving yourself credit for!
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