One of the most important decisions you would face as an adult is whether to buy or rent a house. There are several factors to consider when deciding on this matter. Knowing and understanding these factors can help you come up with a sound decision.
The first thing you should ask yourself is, “Do I see myself staying put in the same house or place for a long time?” If the answer is yes, then you can choose to buy a house. However, if the probability of you moving to a different location, due to your lifestyle or work, after some time is high, then renting a house is the smarter choice. This is because you will not be bound by an agreement to pay rent for a long period of time.
When deciding on this matter, taking your relationship status into consideration is also recommended. If you’re currently single, look at the possibility that your future partner or spouse would affect your plans for the future like where you’d live or the type of house you’d need. This is not to say that you shouldn’t purchase a house yet; you may do so but just be prepared in case you’d have to give up the property when you get married.
Meanwhile, if you are already in a stable relationship, if you already plan to settle down and raise a family or if you already have a family, then purchasing a house is the better option. Just make sure that when you go with this option, you decide with your spouse and consider your family’s needs.
Perhaps, the most important factor you should consider when deciding to buy or rent a house is your financial capability. Many think that renting is the cheaper alternative to buying a house. This isn’t an accurate assumption, especially in Ireland.
Daft.ie released some figures comparing buying and renting a house. The numbers show that the monthly repayment for rent for houses with one, two or three bedrooms are more expensive than the monthly repayment for mortgage for houses with the same number bedrooms. Currently, experts point to the lack of supply as the primary driving force in the rising rental fees in Ireland.
Given the high cost of rent in Ireland, buying a house is the most sensible choice if you have the funds. Even if the rent is a little cheaper than the mortgage, it may not still be wise to choose leasing over buying a house. To put things in perspective, the difference between owning half of a house (with a 30-year mortgage) after 15 years of paying mortgage as compared to not owning any part of the house after 15 years of paying rent is quite significant.
Another reason to choose buying over renting is that the government currently provides incentives to first time buyers. Note, however, that just like rental properties, the number of houses for sale is also low. This means, it may take a while before you buy a house you want. If you are in hurry to purchase one, enlist the services of a trusted real estate agent in Ireland.
If you’ve considered all the factors mentioned above but still can’t come to a decision about purchasing or renting a house, determine how you feel about decorating or renovating the house. Is decorating the property something you look forward to doing once you move in? Keep in mind, when you live in a rental property, you can’t redesign any time you want. You need to get the consent of your landlord first. On the other hand, if you own the house, you’re in control! You can decide what to do with the house and make changes when you want to.
Should you buy or rent a house? Talk to our professional estate agents and get some advice on which option is best for you. They can also assist you in finding a house to buy or rent. Call us at 014959020!