It can be hard to decide between renting and buying a home. There are good reasons to do both and excellent arguments in favor of each. You should consider your personal circumstances when deciding whether to rent or buy a property. It can be more challenging to get accepted for a mortgage as a single person, so you will need to ensure you have a strong level of savings to help.
For many veterans, renting is the first step before buying a property. This article will explore the benefits of each to help you decide which is right for you.
Personalizing Your Space
Renters cannot decorate rental properties without landlord permission. Doing renovations on a rental property is not usually allowed. Owning your property will enable you to personalize it in any way you want. You should save enough to renovate if buying a fixer-upper.
Consider The Commitment
All repairs are your responsibility as a homeowner. You should save enough to cover emergency repairs and expenses. Ensure you know how to fix minor issues to save money. Research local, reliable tradespeople if you need professional work or repairs.
Think About Your Future
Consider where you want to be in 10 years. Do you want a spouse and children? Owning a property will ensure better stability for children. If you envision yourself moving within the next five years, avoid buying a property and rent instead.
Work Out Which Is Cheaper Over Time
Find out whether renting or owning is cheaper. This excellent article from Hero Loan, exploring why veterans rent or buy property, has a calculator to determine which is most cost-effective.
Investing In Property
Owning property is a good investment. Once you pay off your mortgage, you will have a significant asset. Prices in the housing market have been rising year on year, so you will likely see a good return on your investment.
Consider Your Belongings
If you don’t own much furniture or white goods, renting a furnished property can help. This is beneficial for people who like the freedom to move frequently. If you have a lot of belongings already, buying a home for storage and to display your things can be beneficial.
Renting allows you to move quickly. Selling a home can take months, making it difficult to move for any time-sensitive reason.
Decide If You Want To Travel
Travelling is easier when renting. Worrying about your house and belongings while you are adventuring will have a negative effect on your experience. If you want to explore the world, rent a modest apartment while you save the money to do so.
There is no one answer to the question of whether you should rent or buy. As a single person, you may have more reasons and desire to be able to move quickly and easily. If you plan to start a family in the near future, owning your property can make a more stable environment for children. Carefully consider your requirements when deciding if renting or buying is for you.