I am entering that stage in my life, where my friends are buying, and people are wondering if every time I move house, whether I will buy or rent again. Renting is all I know, but I am starting to consider the idea of buying a house. But there are so many things to consider, and so many reasons to not be ready to buy, despite the obvious peer pressure around me. So, here are the things I continuously think about with regards to housing.

Rent vs Buy?

It’s not that I am bias towards renting, but I am cautious towards paying the large sum of money that is attributed to these house prices, without thinking things through.

I do understand the one point, that renting is giving money away to the greedy. It’s fair, I am paying someone else’s mortgage for their 2nd or 3rd property. But the last time I lived in a house for more than 5 years, was a house I was living in rent free (my parents). So, as an adult who has no idea what they want to do with their life, renting gives me the freedom to give 1 months’ notice, and bounce as and when I need/want to.

With buying, it’s an asset and it’s yours. With a great purchase, comes great responsibility. Also, house prices. Need I say anymore?

Timing

With renting the timeline to move into your new place, can be from a minimum of 4 weeks. When I moved into my current property, I viewed it at the beginning of April, got my keys at the end of the month, and moved in the week after. That was actually 25 days from viewing to the move in date. I’ll admit, I had been looking at Rightmove for rental properties for 2 weeks prior, and where I live there are periods of time where housing demands are at a peak, and this was an off-peak time. I gave myself 1 day to clean the house, before I moved my stuff in and hey presto! I was done.

With buying, I can honestly say I have never heard of anyone managing to move in within 2 months of viewing the house. Granted most of the process is out of the buyer’s control and down to the workloads of the lettings agents, solicitors and surveyors, but buying is a long process. It requires more thought, and you’re not always guaranteed the house until you get the keys. Then if the house needs work before you move in, then there is time dedicated to that too.

Personalising

It’s a lot harder to personalise rentals, but not impossible. Normally, you require landlords’ permission and you need to be able to fix it when you move out. Or lose some of your deposit. I have seen posts of people using ‘renter friendly’ personalisation’s, and my heart can’t take it, but I applaud anyone who is willing. I am happy to have very temporary personalisation’s, that are easy to remove.

If you buy a fresh new build, you shouldn’t make ‘permanent’ personalisation’s yet. Like painting walls for the first year. I got told it’s because you need to let the house ‘breathe’ and settle, which fairs. But you can drill and do whatever you want, since it’s your house. For new builds you just need to watch out for your warrantee clause. But older properties, it’s a free for all on how you decorate.

My standards

As a chronic renter, there is a standard that I settle for since I know the house isn’t mine. There are some non-negotiables every time I start viewing, and that helps me reduce being disappointed in the property when I rent it. As I live, I reach a point where I feel I m outgrowing my space, so I always make sure I am upgrading as to make sure I don’t feel too constricted.

Now, for buying, I have much higher tastes. This is obviously going to be MY house, and I want it to have the right foundations for my needs. Those needs mean the budget skyrockets to a place where as a buyer, it is in my best financial interests to continue renting. That’s because for me, I feel like purchasing a house is so big, I don’t want to purchase something that I will leave in 5 years. Also, I have a LISA, since I am a first-time buyer. This means there are limitations on how I use the house I purchase that money with. So, again, why would I spend money on a house I don’t really care too much for, instead of trying to wait for the house I do want?

Fear

Lastly, the reason I haven’t bought yet, is because I’m scared. It’s a huge purchase and I am not getting straight answers from people on the queries I have. I like to have some decent information before I make life changing decisions.

I am so used to renting now, and I am much more aware of what goes on in it, that in the meantime whilst I think about buying, I’m happy to rent. The last thing I want to do, is buy a house in a rush. Because doing anything rushed, rarely is a good idea.

TL;DR

- Here are some things I continuously think about with regards to renting or buying a house

- Timing from finding the property and moving in.

- Personalising the property

- My standards

- Fear

Housing for beginners