Some people are content to rent forever, of course.
And to be honest, as we discussed here, there are reasons why renting a home is sometimes better than owning one. You have less to pay on maintenance costs, for starters.
So, if you enjoy the benefits of renting property, then fine. If it works for you, then who are we to stop you?
However, there are benefits to owning a property too, and after considering the following, you might decide to give up your rental lifestyle.
You won’t have to pay rent forever
Okay, so you will have a mortgage to pay (unless you win the lottery and buy your house outright). However, your mortgage payments will come to an end some day, so you won’t have to finance a landlord, or ruin your chances of financial freedom forever. Especially when you consider your retirement, you might have lots of extra cash to play with when you’re old and grey if you’re not still paying out on a rental property. On the flip side, you could continue to pay rent, but unless your landlord fed that money back into your house, you wouldn’t see any return on your investment at all!
Your house is yours to do what you want with it
Think about the limitations that renting imposes upon you. You are at the mercy of your landlord when it comes to home improvements. You often have to stick to a rigid list of rules and regulations, such as not sticking blue-tack on your walls. And other than a goldfish, you might also be forbidden from having pets. On the other hand, if you had a home of your very own, you could pretty much do what you want with it. You could speak to residential architects about the possibility of a home extension or other type of renovation. You could choose your own decor for your walls and furnishings. You wouldn’t have to put up with a quarterly inspection from the landlord or letting agent. And if you wanted a dog, a cat, a horse, or even an elephant (admittedly, not very practical), you would have the option to do so!
There are social benefits
Many renters move from place to place on a fairly regular basis, be that because their greedy landlords have started to charge them more, or because they have the relative freedom to do so if they wish. Unless they stay within the same locale, they might then miss out on long-term social opportunities. However, if you had a house to call your own, you wouldn’t feel forced or have the inclination to be a wandering nomad. You could then get more involved with your local community. You could develop long-term friendships. And when we say ‘you,’ we are also referring to the other members of your family who would benefit socially by staying in one place for longer periods of time.
There’s nothing wrong with the rental lifestyle, but it does have its disadvantages. The same could be said about buying a house, of course, as its not always sunshine and rainbows. Still, it is worth considering the option of buying, especially if you are tired of complaining landlords, having walls free of pictures in fear of blue-tack and pin marks, and you constantly have to hide your cat every time the letting agent pays a visit!
Let us know what you think!
Managing Your Family's Money By Planning Ahead
Maintaining stable finances, when you have to look after a whole family, takes a lot ...read more
4 Reasons Why Renting A House Could Be Better Than Owning One
It’s harder than ever for people to save up the money for a house deposit ...read more
4 Easy Summer-Fun Activities (That Don't Cost The Earth)
The summer holidays are now on the horizon, so it is probably time to start ...read more
3 Big Mistakes People Make When Building Their Own House
Building a house is an option that a lot of people don’t even consider but ...read more