Moving away from your parents and building a career from scratch are just some of the problems fresh graduates face. Another common question that pops into the mind of anew graduate is whether or not to buy or rent a property. Renting may seem to be the more economical option, but there’s no doubt that buying a property can have more benefits in the long run.
A person’s first home can change his or her life forever, especially if they have just graduated. That’s why it’s very important to consider which is the best option for you.
The case for renting
- Renting is without a doubt cheaper than buying. Aside from the fact rental fees are more affordable than mortgage, tenants do not have to worry about maintenance since the landlord is the one who is responsible for the property’s maintenance.
- Employers nowadays require their employees to move around the country. Getting tied down to a single property may hinder someone’s career in certain professions. Renting allows an individual flexibility to move whenever they want to.
- Renting offers peace of mind. A fresh graduate will have more time working on their career than worrying about his or her property’s maintenance.
The case for buying
- Buying can provide fresh graduates long-term benefits such as security and stability. Owning a property can also teach a new graduate a thing or two about independence. Their skills in taking care of their own home will be honed at an early age.
- Owning a property does not mean you are unable to travel. If you’re planning on moving away because of work or a desire to travel, you can always rent out your property.
- Mortgage payments do end. And one of the best feelings in the world is knowingyou’re done securing a home for yourself in the future, instead of still giving away your hard earned money to a landlord.
Always look into your finances first before deciding whether or not you should buy or rent. Also consider your short term and long term goalsbefore applying for that mortgage or signing a lease. Check out Dot Property’s listings to pick the perfect property for your new life and congratulation graduating from university.
