To Buy or to Rent a property

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There are many pros and cons with regards to renting or buying your own property and here we are going to discuss them some of them.

Renting

Pros:

  • If there is any maintenance work to be done on the property, then it will be for the owners expense
  • If you are unhappy in the area or find somewhere else to move to, you can within reason, get out of your lease and move without having to worry about finding tenant or selling the property
  • Depending on your contract, municipal rates and property rates are often at the owners expense

Cons:

  • Depending on the Landlords rules and your contract, you often cannot do changes to the flat, house or apartment without the consent of the Landlord
  • If you work through an agent who represents the Landlord, often getting an answer from the Landlord can take a while
  • The property will never legally be yours unless you buy it from the Landlord and you are paying towards their bond

Buying and owning a property

Pros:

  • The property will be legally your with your name on and is seen as an investment
  • You can alter and change the property to your specifications
  • You have the option to generate income from it by renting it out and this can pay towards your bond
  • Your property value will appreciate over time and if you decide to sell it, you can get a higher price for it

Cons:

  • Any maintenance repair will be for your account
  • Municipal rates and property rates will be for your account unless you rent it out and it states differently in your contract

In today’s market, buying a property is seen as a good asset to have and can have many positive financial gains. Many people cannot afford to buy their own properties and the rental market is becoming flooded with requests for places to rent and while this is a con for the tenant, it is a positive aspect for owners who are looking to buy property and then rent it.