I 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.

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