When you’re thinking about moving into a new home, there are a thousand different things to consider. Where exactly do you want to move to? How will you get your finances in order? One of the biggest questions is whether or not you should buy or lease your new home. Here are some points to help you decide!
Financial Commitment
Leasing: One of the best things about leasing your home is that the financial commitment is decidedly less than if you were buying your own home. If your relationship breaks down, you’ll be in less of a mess – and you’ll also be in a lot less debt if you don’t have a mortgage.
Buying: Obviously, buying your own home is a huge financial investment to make. If you do it with a partner then it’s almost more of a commitment to them then a marriage would be, because it ties all of your finances together. Saving up for a deposit on a house might take a long time and mean that you have to forego a lot of little pleasures. However, investing in a home means that you’ll be able to upgrade more easily in the future, and home ownership is something that a lot of people strive for.
Making Your Home Your Own
Leasing: If you move into a property run by a reputable company like Invitation Homes, then it’s probably already going to be in a decent condition, meaning that you won’t want to do too much to it. However, you might feel as though it’s tough to put your own stamp on the house because you won’t be able to renovate anything – you might have to work harder to make it feel like it’s really your home. Add art, plants and splashes of colour to turn it into something that’s really representative of what you love.
Buying: One of the best things about buying your own property is that you can do whatever you want to it after you’ve moved in (within reason, obviously! Your neighbours might object if you decide you want to turn it into a castle and start to build towers and a moat). If you want to invest in a new bathroom or kitchen, you can do that when you’ve bought your own house.
Flexibility:
Leasing: If you lease your home then it’s a lot easier to pack up and move and change your life at the end of your lease. If you’re young or more of a free spirit then you might feel a lot happier leasing property because it means that you can move around where you want to and really explore the world. It also means that you’re freer to advance in your career because it’s much easier for you to accept jobs elsewhere.
Buying: If you have a mortgage and you’ve bought your house, it’s a lot more legally and financially complicated to move house and to move area. For some people this might be a great feeling – if you have a family and you really want to have a family community in the same property for a long time and lay down roots, then buying a house is a perfect idea for you.
