buy my own home
Tweet about this on TwitterShare on FacebookPin on PinterestShare on Google+Share on LinkedInShare on RedditShare on StumbleUpon

There are a variety of pros and cons with renting a house. I am currently renting even renting whilst decoratingthough I have recently bought a house. This might seem odd but it’s because I am having my house refurbished, which can be stressful at times so I thought it would be a better idea to rent short term to be able to escape the mess.The original idea was to do it up slowly while I lived there but, in the end, I though it would be best to get the main sections done before I moved in. I have taken on the role of project manager, but I’m beginning to wonder if it would have been a more sensible idea to actually hire a professional. Nevertheless the work is half way through so now its time to start deciding on the final touches. I can’t wait for the day to be able to get my belongings out of my storage and be moved into my new place.

renting contractI know some people love the idea of refurbishing or renovating a home – a real “project” to get stuck into. And there is plenty of satisfaction to be had from managing your own project – you end up with the perfect house for your lifestyle (or as near as your budget allows). Some people, on the other hand, simply want to buy a house which is ready to move into to avoid not only the hard work of a project but also paying for rent as well as the cost of getting the house refurbished. But the house I chose was just perfect for me. It fulfilled all my requirements: in the ideal location and on budget – but just needed a lot of work to be done which meant, looking at the advantages, that I could make it exactly how I wanted. So I spoke to my accountant as I was worried if it was financially a sensible idea. He was able to look at the figures an reassure me that it was.

 

So what are the advantages and disadvantages of renting?

Advantages:

  • You don’t have a large debt.
  • Don’t have to give a large deposit so its affordable.
  • Your landlord will be responsible if anything is not working.
  • It can be short term or long term.
  • Don’t have to furnish it.
  • Try out the area before you buy.

Disadvantages:

  • You can’t make changes without asking the landlord- so you can’t make it your home as such.
  • You are paying an amount which could be going to your mortgage if you bought a home.
  • You might have to move out when you don’t want to.
  • Pets are unlikely to be allowed – but you might be able to find one that does.

 

You may also be interested in...

Tweet about this on TwitterShare on FacebookPin on PinterestShare on Google+Share on LinkedInShare on RedditShare on StumbleUpon

Leave a Reply

Your email address will not be published. Required fields are marked *