Home Owners
Positives
- There is a lot of Emotional Attachment in Buying Your Home
- A Sense of Freedom
- Sense of Security – No Pressure from a Landlord
- AT the end of making your Mortgage payments the home will become yours.
- Although House prices go up and down, it could be regarded as an investment, potentially rising in value over a period of time.
- Credit Rating agencies may see you as a better prospect provided you have kept up with your repayments on time.
Negatives
- Harder to get up and move as you are fanatically committed to the property.
- Negative Equity – in a downturn you could lose value your home could be worth less that you paid for it, even less then the mortgage you owe on it.
- Repayments – If you lose your job or become ill then you may not be able to keep up payments on your home and as such you could lose your home. You may be able to protect against this.
- You will be responsible for maintenance, insurance and unforeseen expenses.
- You will have to come with a deposit to pay towards the purchase of your home.
Rentals
Positives
- You can uproot easily once your agreement has expired.
- You can normally rent a property very quickly
- You will not need to put down a large deposit – may be one month’s rent in advance and administration fees
- Your rent may be lower than taking out a mortgage
- You do not have to pay towards maintenance of the property nor do you have to insure the property.
Negatives
- You may not be able to decorate or enhance the property without the Landlords permission
- Any Money you spend on the property could be a waste if your agreement is not renewed
- You may not be allowed pets
- The Landlord may not renew your agreement once it runs out
- You will never benefit in the equity of the property
- You may have Agents and or the Landlord coming to inspect the property by prior appointment from time to time
