The ownership of a house is a common discussion. Some people consider the purchase of a house to be a rite-of-passage into adulthood. More and more students are deciding whether to buy or rent a home, because they have the possibility to apply for a house loan if they have a job while taking college courses. It is true that the prices of properties are in continuous growth, but this does not mean that they are not affordable. There are certain areas in the United Kingdom, for example, where the cost of a house is not very high, and students could pay a monthly mortgage similar to rent. There are real estate agencies that focus on offering student accommodation solutions. Both buying and renting have their pros and cons, so if you ask yourself what the best option is, here is a guide that will help you understand better what both processes imply.
Why should you rent a home?
You do not have to pay for maintenance and repairs
If you prefer to rent a home, then you will not have to worry about the repair and maintenance costs. The landlord is the one who will handle these actions. In case the pipes break one day, all you have to do is to call them and they will fix them. In case you rent a house that has grass in the yard, the landlord is the one that cuts the grass and maintains its state. This is one of the main reasons why students prefer to rent a house abroad. If you buy the property, you are the one who will have to pay for home maintenance. Some students consider that they can save or invest the money they would have to pay for repairs.
You have flexibility
If you will rent the space, you can move whenever you want. The majority of landlords prefer the one-year leases, but you can negotiate and obtain a shorter one. If you are excited by the idea of changing places and meeting new people then renting is the best option. When the lease reaches its end, all you have to do is to search for a new place and move your belongings. Keep in mind that you will have to clean the space before you move.
The monthly costs are lower
If you prefer to rent a house overseas, then you will pay less than you would do if you would have your own property. The utility costs are lower for a rented apartment than for an owned one. Also, you have the possibility to rent a space that has the utility costs integrated into the monthly rent. When you rent a home, you do not have to pay property taxes. The landlord is the one who pays the associations dues or the property taxes. But you should know that there are landlords who include these taxes in the fees they ask for renting the space. In case you rent a home in a building offered to tenants, the taxes are split between the all the tenants.
Why should you buy a home?
You have security
Sometimes people want to have the security that they can remain in the same house for the entire period of the college. If you are not thrilled by the idea of exploring new things, then buying a home is the right decision. If you have a job, you can automate the mortgage payments. Having your own home will offer you confidence and stability.
You will be satisfied with having your own place
If you will talk with people, who own a house they will tell you that the greatest benefit is that they love the idea of having their own place. Homeownership comes with multiple emotions. As a student, you will not feel only more secure, knowing that you own a house, but you will also feel more proud, independent and fulfilled.
You are not tied down to the house
Some people think that if they buy a house they are tied down to that place for the rest of their life. But the real estate expert Walton Robinson states that if you decide to move after a period of time, you have the possibility to rent the space and to make money to pay your mortgage. You can ask a price higher than your monthly mortgage, and in this way, you even make money.
As stated before, the prices for renting student accommodations are increasing every year. But if you buy your own house, you decide the amount you can pay monthly and you are sure that you will afford it. But it is important to choose from the beginning a fixed-rate mortgage, because there are also options that allow the bank to increase the mortgage according to certain factors. If you are the owner of the house, you will feel emotionally stable and soon you will understand why people state that they feel more rooted.
You can rent the rooms you do not use
You can become a landlord. If you do not want to live alone, and you would like to have roommates, then you do not have to rent a space, because you have this possibility even if you are the owner of the house. If you have more than one room, you can rent them to other students, and you can pay a part of the mortgage. Also, you will have someone to share the expenses with.
You have control of the house improvements
If you want to transform the house, then you will have this possibility only if you are the owner. Some property owners allow their tenants to paint the walls of the space in another shade if they agree to paint them back when they leave the space. But you are not allowed to make significant changes to the space. If you are the owner, then you control how the house looks, and you can decide how you want to decorate it.