Faced with choosing to rent or buy for the first time? Here are some pros and cons.
You are finally getting ready to move into your own place, but not sure whether you should rent a flat or purchase it. With interest rates climbing every second month, you may be concerned about whether you want to commit to a fixed asset.
Mortgage repayments are only subject to interest rate fluctuations but will otherwise remain static, while rental rates tend to rise annually.Owning your own home provides security, and you will not need to move.Cons of owning:You will also need upfront transaction costs and may need a cash deposit as well.
Renting also offers more flexibility in that you could move within a reasonably short period of time as you could potentially cancel your lease, subject to payment of a cancellation penalty.Cons of renting:You will be paying off someone else’s property and will have nothing to show for your money at the end of the rental period.
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