The Long Standing Debate Of Rent Or Buy

There has most definitely been a long standing debate as to whether people should rent or buy. It's commonly said that we're living with generation rent at the minute, because that's what everyone seems to be doing. There are so many reasons why people are choosing to rent rather than buy, and there are many more reasons why people are scrambling to try and save for a deposit. So what we want to try and decipher, is why the nation is so torn as to whether people should be renting or buying. We want to know what the better option is for the majority of people, because we know that people start their new home journey at different points in their life, and with different advantages! So keep on reading, and we'll show you why there's such a debate between renting and buying!

Generation Rent

So, as we said, we're living with generation rent at the minute, and that might be one you've been raised in. We've been raised to believe that we should be out of the house by a certain age, and settle into our own. But that is so hard with the cost of moving out to buy at the minute. There's the mortgage deposit, the added fees such as legal, the cost of filling the house with everything it needs, and then everything else on top. Whereas with rent, all that is needed is a small deposit, a month's rent in advance, and the money to fill the house. So it just sounds so much easier to move out, than to be stuck in the house until late twenties, trying to save for the mortgage. But the trouble is, once renting has started, it's so hard to get back out of it. Saving for a deposit becomes nearly impossible. Plus, you're hardly allowed to customise the home, and it's never truly going to be yours. So although it's quick, it's a risky move!

The Positives Of Waiting And Saving

Waiting and saving is no doubt what so many people will have advised you to do, and you'll either have listened and be waiting for the money, or have saved enough money and done it, or you're looking for ways you can do so alongside renting. Well, there are many financial aids out there that can help, with Altrua Financial being one of the businesses that can do just that. All you need is the right financial advice, and a bit of determination, and you could have your own house which is one of the biggest positives. Another being that you don't have to worry about what you can do to the house!

The True Divide

The true divide comes from peoples desperation to get out of the home, and have their own space. Some of you will have grown up far more privilege than others, meaning your rush to get out of the home might not be so strong. However, no matter how quick you plan on getting out of the house, there's no better time to think about whether renting or not is the best option for you!

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