The Big Decision...
Are you deciding whether renting vs buying a home is best for you? It's so exciting looking to move, you'll soon be pumped full of adrenalin!
Making that decision I often think is one of the first "grown up" decisions you make.
I know when arrived at this question, I was looking to move out of home and I was struggling with renting vs buying, there was just so much to consider.
Its a very big dilemma especially if it's your first time out of your parents house. In answering this question we're going to look at:
Would you like to consider the information for buying a house? These checklists should help you assess what you'll need to do:
For me, I was ready to move out at 14! In fact I remember the Christmas not long after my 14th birthday having a conversation with my Mum and asking her if I could turn my bedroom at home into a bedsit. Mum agreed, and so that year for Christmas I asked for a kettle, toaster, cutlery and crockery! This raised some eyebrows amongst the family, buy I was over-joyed when Christmas morning came and both the toaster and kettle were unwrapped.
So what are your motivations to move out? Are you off to college or university? Have you secured a good job and you wish to take the jump?
Either way your nose is probably stuck to the estate agents window, you have the automatic emails set up for all new properties on the Market, as you are getting a feel for "the Market".
A very good question when you are considering renting vs buying a home. Have you got the dictation of the economic climate to consider? Unless you have managed to save a comfortable nest egg of a few thousand you are probably going to have to look at rented accommodation initially.
You'll need to look at your personal circumstances to identify your needs. I would suggest then to list out the answers for these following questions:
You may well find once you have analysed this out for yourself, that you just can't afford to buy a house or flat straight away. You are therefore returned to the original question of renting vs buying your home.
Looking through the question of renting vs buying a home, we'll take a closer look at the renting element. Taking it from the top, if you are choosing to rent privately, make sure you choose a home that "speaks" to you. You will be more inclined to look after it, and therefore not compromise your deposit.
The next thing to look at is the rules and regulations. Within these will be a number of things for you to make a note of, here are some of the key elements:
This isn't everything though! If only life was that easy. You should also take particular note to these following elements:
Now you may well not want to do some or all of the above, but it's those sorts of details that you will need to check for your personal situation. It is safer for you to check, rather than to be sorry and homeless!
Should you decide to proceed with the property - excellent, you are the owner of your own home! Welcome to true independence! If you decided in your decision on "renting vs buying a home" that you'd like to consider the buying option, then retain the information for renting. You may find that you'll come back to this. But what should you do once you've answered the renting vs buying a home question? Keep reading...
As you settle in there are a few things to keep in mind remembering of course your original assessment of the home!
Whether you retain this in your phone, or a list by the phone, ensure that you make a list of any emergency numbers for repairs with the property.
Be mindful and considerate of your neighbours, especially where any shared facilities or access is required by you. Should there be non-conformists, you will need to raise this with the Landlord. If you are contacted regarding these areas, you'll need to ensure that you comply as necessary, or you could be forefitting your home.
You'll also need to know when your local rubbish collection is, as this information may not be available in your Agreement, you may need to either contact the local council, or ask one of your new neighbours. It's a good way to get to know them!
Car Parking! There aren't many people these days that don't have at least one vehicle, whether this is a car, push bike or motorcycle. You will need to know where you can store such items. It may well be that you have allocated parking, therefore ensure that you comply with the format. You will probably also find that there are restrictions within your Agreement as to the storage of trailer tents and or holiday caravans. Should you own one of these, you may have to find suitable alternative arrangements to retain these items.
Perhaps you'll find that your situation changes, or you out grow your home. When this time comes you'll need to know what is in your Agreement. Knowing where you have put it is essential, but also it will give you some valuable information, such as your notice period. You may also find out what happens to your original deposit which could be useful if some or all is returned!
But have you gone full circle? Are you now wondering, for your next home whether renting vs buying a home is best?