Looking for a new place to live is both exciting and stressful, and one of the main things you’ll likely be faced with deciding is whether you should rent or buy. Of course, there’s really no right or wrong answer, and despite the fact that people will have lots of opinions for either side that they’re not afraid to voice, at the end of the day, you have to make the decision that’s right for you and that’s best suited to your personal and financial circumstances right now because depending on where you are in your life, it’s likely that one of these options will be better suited to you.
If you’re already leaning towards renting for whatever reason, then in this post I’ll share with you some of the pros and cons of renting so that you can get a clearer picture of what it might look like so that you can decide if it’s truly the right path for you.
One of the definite pros of renting over buying is that you’re going to need a lot less paperwork to rent a place than you would if you were buying one. For example, when you’re renting a place you’ll usually be required to submit a few pieces of paperwork that show you have enough income to make the monthly rent payments and possibly undergo a credit check, but apart from signing the actual lease, this is about the extent of the paperwork you’ll have to deal with.
Another great thing about renting is that you’ll often be able to live in places that you wouldn’t be able to afford to buy, and if you’re making a decent salary in a good area then you’re going to have a good deal more choice. This means that you can live in nicer houses with fancy things like high-end kitchen appliances, and possibly even things like pools or big gardens that you may not otherwise be able to live in.
When you’re ready to move on and want to look for somewhere else or move to another place, then all you have to do is give notice to your landlord or agent and give back the keys. This isn’t as easy when you own the place, so renting definitely offers you a lot more freedom and less commitment.
Unfortunately, one of the downsides of renting is that, although you have rights, you don’t have the same level of security as you have when you own the place since the landlord can ask for their place back at any time simply by giving you notice.
Can be expensive:
Renting can also be a good deal more expensive than a mortgage, and of course, it depends on where you’re renting and what kind of place you’re looking to live in, but typically a mortgage payment will be cheaper although the upfront cost of moving in is higher.
One of the main downsides of renting for many people is the idea that they won’t own their place and it won’t be an investment like it would be if they bought it.