Renting vs Buying – which is better for me?

The common question that many people ask themselves is: is it better to rent or buy? There is no correct answer, but each decision should be made in relation to your personal circumstances. What works for one person or couple, may not work for another. Evaluating your own ambitions and situation is important to come to the right decision for you, so we’ll try to help you do that in this article.

How financially stable are you?

Financial reasons are among the most important to consider when you’re asking yourself this question. Becoming a homeowner requires financial stability, a healthy income as well as a good credit score. Applying for mortgages or searching for properties to buy when you don’t have the above is a bit of a waste of time – instead, you should look to rent, build your financial stability and improve your credit score so when you are ready to look at buying, you’ve got a better chance of doing so.

If you’re financially stable, have a good amount of savings behind you and have a secure income, you’re in a much better position to look at buying a house, whether it be one of many new builds or an older property.

What are your career or life ambitions?

The choice between renting and buying also comes down to your personal situation in terms of goals and ambitions, whether in your career or life in general. If you plan on relocating for work within the next 5 years then buying probably isn’t worth the hassle. If you want to go travelling before you settle down, then renting should give you the freedom to plan those adventures without having to worry about paying bills at home.

However, if you’re in a job that you love, you’re wanting to start a family or you can’t see yourself taking on too many more adventures – buying might be a better option for you to give you some stability and consistency. Buying or renovating a property might even be your ambition or passion in itself, in which case, buying may be the right thing for you to give yourself a project outside of work.

Are you ready to settle down in one area?

Buying a house is a big commitment and you shouldn’t be buying a property unless you’re willing to settle down in an area for a matter of years. This ties into your career ambitions too because relocating if you own a house is a lot trickier than just vacating a rental property.

If you’re confident that you’ve found the location for your medium to long-term future, then by all means explore buying options if you’ve considered the above too.