Should You Buy Or Rent Your Home? By: Elisha Burberry

Everyone wants to own their own home. Although it is a big expense, we focus on the fact that when the mortgage is finally paid off we will be the proud owners of a property that will hopefully be worth far more than what we bought it for many years previously.

But is buying your home really all its cracked up to be? Many people think that renting a property is a waste of money, because you arent investing in ownership of the property itself, but there are advantages of renting which should be considered before you make the decision to buy.

Renting can be a good option if you plan to travel in the near future. Many young people rent a flat because it gives them the freedom to be able to move easily at short notice. If you own a house and you go travelling, you have to decide how you will continue to pay the mortgage while you are gone. The best option is to rent it out to someone else, but there is always the risk that the person you choose wont have the same respect for your property as you do.

The question of affordability also needs to be considered. Mortgages vary widely in what they will cost you each month, and depending on the area you are looking at, your needs and your income, you will need to compare your estimated monthly payments for both a mortgage and the rental of a property, to see which option is the most affordable for you at present.

Some people simply like the flexibility that renting offers. Their work may take them to many different places for weeks at a time, in which case being able to move from place to place makes them feel more at home than staying in hotels would. If their work is freelance in nature and they work from home, renting gives them the chance to move to a completely new area to see what its like, before making the bigger decision to buy a home there.

If you are considering whether buying or renting is the better choice for you, think about your current circumstances and whether or not they are likely to change in the near future. Are you at a stage in your life where you want to settle down and have a home where you can do whatever you want?

In short, there are many factors which could affect your decision. Buying a home is one of the biggest financial decisions you will ever make, so its advisable to spend some time thinking about what you want before you make the leap.