One of the biggest questions we probably ask ourselves other than “what should I eat for lunch?” Is….”should I rent or buy a house?”
To be honest, it really just depends on what your current situation is, what you can afford and how long you’re planning on staying in one location for!
There are a couple of questions you should always ask yourself to help you decide which is best:
What Can You Afford?
If you buy a house, do you have enough money to cover:
- A mortgage deposit
- Survey cost
- Stamp duty
- Legal fees
- Service charge
- Council Tax
If your answer is yes, then make sure you find the best Mortgage deal for your new house.
If the answer is no, then renting may be best and in the meantime you should start saving!
How Long Do You Plan To Stay In The Same Place?
If you’re planning on settling down in the same place for the next 5 to 10 years then buying a house might be a great idea.
But…if your planning on travelling the world, checking out a new city, starting a new career or even opening a business, then buying a new home might not be the best idea.
It sounds boring, but buying a house is a massive commitment.
If you want to have a bit more freedom and flexibility then renting might just be the best choice for you.
Your Life Circumstances
Are you earning enough money? Do you have a stable job? Do you have decent credit?
You’ve really got to look at you life, and ask if buying a house and paying back a loan for 30 years is really right for you!