MOST of us aspire to owning our own bricks and mortar at some time in our lives but there are always going to be times when you're better off renting. How to decide what's best for you? Here are a few pointers to the pros and cons of buying versus renting.
Buying
Pros
Money. There's a return on your cash when you buy. At some time in the future, you'll have a nest-egg to help you through your retirement.
Security. Provided you can keep up your payments, the place is yours for as long as you want it - you won't have to move on at a landlord's whim.
You'll also have freedom to do what you want with your home. You don't have to answer to any tenancy agreement telling you not to decorate, or whether you can keep pets. It's yours to decide.
Cons
As any financial adviser will tell you, it's not certain that the value of your house will increase. It could go down, too, leaving you in negative equity. Remember: homes are for nesting, not for investing.
Buying is a costly business. You'll have to fork out for all the professional fees, plus the additional bills for insurance and furniture and fittings once you move in.
You have to be committed. Not only in your ability to meet your repayments (what would you do if you lost your job?) but also in your desire to stay put. Moving around isn't as easy when you own a house or flat.
