When we’re stuck in the rental trap, there’s usually nothing we want more than to break free and become owners of our own homes. Let’s face it; renting is a pain in the backside. It’s never nice having to ask someone else’s permission before making a change to what should be your home. Renting also comes with impermanence which many of us struggle with. How can you feel settled when there’s always a risk of eviction?
These reasons and more explain why so many of us are set on saving up for our own homes. What could be better than finally having the keys to a house which is all yours? There wouldn’t be any more asking permission or preparing to move at a moment’s notice. It sounds like bliss, doesn’t it? And trust us; it is.
The only trouble is, there are a few benefits to renting which you may not notice until you own solo. While none of these is enough to put you off buying, they are worth your consideration. By preparing for them now, you ensure you can ride those waves of change without any unpleasant surprises.
There’s no such thing as a rolling contract
Surely rolling contracts are one of the downsides to renting? These are, after all, the reason you face eviction at any moment. But, this is a double-edged sword. A rolling contract also frees you up to move when you need to. If your financial situation changed, you’d only need to cover one month’s worth of rent. With a mortgage, you’ll likely be tied to 20-30 years of payments, with no get out clause but to sell your house. As such, you need to make sure that you have a secure job, and savings in the bank before committing.
Property checks are down to you
When you move into a rental, your landlord must complete property checks and repair any damages. Guess what? That isn’t a privilege you get when you’re buying. In this instance, checks come down to you. If you don’t point out issues before signing your contract, you have no grounds to change them. That’s why you should get into the habit of hiring a home inspector before ever confirming a house purchase. Like a landlord, they can walk around and make a note of any issues. This is like a rental inventory, and it could help you reduce the price so you can cover the costs of repairs.
There’s no one to deal with repairs
Of course, buying a house also means that you can’t call your landlord about repairs anymore. These all fall on you. That can come as a shock when it means large expenses your landlord’s always covered until now. The best way to deal with this is to keep plenty of spare money in your bank at all times. Savings and homeownership should always come together. You may also want to keep the numbers of various recommended repair companies to hand, just in case.
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