The Case For Buying: Why You Need To Stop Renting
Buying versus renting. It’s the age old debate that’s afflicted generations since the housing market became what it is today, but there’s no group of people it affects more than generation Y. Those of us who are what is known as ‘millennials’ are finding it harder and harder to keep track of our finances and thus get onto the property ladder. More people than ever are renting well into their thirties, with the average age of a first-time buyer now up to 33 years old. This is mainly to do with the amount of money needed for a deposit, and the fluctuating job market means that many people have to move cities frequently to chase the jobs they want. In this respect, renting can be great as it is so flexible – great for a wandering soul, or perhaps for people who don’t quite want to commit to a specific location for too long. But with so much emphasis being put on getting onto the housing ladder, why exactly should you? Here are some reasons why it can benefit you.
You end up with a valuable asset
Property is an asset. In fact, it’s probably the most expensive asset you will ever have. The initial investment you make in your property will probably be quite a lot, but the benefit is that you then have the opportunity to make it back or to expand on it. If you see your house as a ‘fixer-upper’, you could buy cheap and sell for profit, leaving you with a nice sum or money to either spend or reinvest. Or maybe you will end up wanting to capitalize on your home’s equity, either for a renovation project or again, another kind of investment..
It works out cheaper
The initial deposit aside, owning a house rather than renting one generally tends to work out cheaper than renting. For example, you may be wondering whether affording a house payment is something you will feasibly be able to do. In reality, your monthly mortgage repayments will probably be around the same kind of price as your current rent anyway. Plus, landlords can be notoriously difficult to work with. The person you are renting your property from may try and avoid paying you back your deposit by charging you for minor repairs and/or wear and tear. The money you pay towards paying off your mortgage ultimately helps you end up with a house of your own at the end of it, whereas renting is often regarded as simply ‘throwing money down the drain’.
You can make it your own
Another significant benefit to buying your own property is that it gives you the opportunity to decorate it how you wish. There is a limited amount of decorating you can do with a rental property – some landlords won’t even let you put pictures on the walls, in fact. But with a house of your very own, you can paint, hammer and drill to your heart’s content, until you have your dream home.
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