Buying versus Renting ~ Part 2

Buying versus Renting ~ Part 2

In our last article about the advantages and disadvantages of buying your own home versus renting we covered mainly the financial portion of either scenario.

In this article we would like to cover and shed some light about other aspects of the two opposing choices. These are much less ‘fact’ driven, however, and it often comes down to pure and simple personal preferences and/or ‘gut feeling’ decisions.

So, let’s talk about pride that often accompanies homeownership. When you move into your own home, most likely you will feel a profound sense of pride; much like you did when you drove your first new car or laid hands on that fancy gadget you have been desiring for some time. You will look upon your own home with more respect and are more willing and inclined to look after it for years to come.

In your own home you are able to be creative and personalise your spaces exactly to your liking. Paint your bedrooms blue or purple and put up as many pictures and paintings as you like. Whether you like a maintenance free outdoor area or a tropical garden, you can be as free and creative as you like.

On the other hand, the main advantage of renting a home would be the freedom and lack of responsibility. Renting is easy in the way that all you have to do is pay your rent on time and you will have no further cares. Usually, this freedom comes at a price. In a perfect rental scenario, you will live in your rental for many years and your landlord will attend to any maintenance issues in a prompt manner. But in reality, how often does that scenario occur?

The main downside with rental is that it can be notoriously unstable. Just when you have installed yourself properly in your new home, the owner decides to put the house on the market. Or, due to unforeseen circumstances, the landlords needs the house for his or her own use. Or you have to sign a lease for another term, when you wanted the freedom to relocate mid-term.

Renting can also be restrictive in the way that you are not able to personalise your home. You may not be able mount your pictures on the walls, without risking to lose your bond. You will not be able to design the garden or outdoor area to your liking and might not be able to have any pets.

Don’t forget to consider that each time you move house, whether this is by choice or not, it is putting yourself back financially. Cleaning fees, moving costs and all the little extra expenditure you may have as items won’t fit or match your new home.

So, whether you chose to rent or buy your own home, be sure to consider all perspectives. Whatever your personal choice may be, we wish you well in your journey.
Should you consider taking the leap and build your own home, visit our display home and have a chat with our friendly Sales Consultants. They are approachable and competent professionals and are more than happy to help you with your new project!