Buy or rent property: know the differences and which the best option is!

One of the main questions that arises when finding a home is whether it is worth buying or renting a property. However, the answer to this question varies according to the profile of each person and family, as both options have positive and negative points.

With that in mind, we prepared this article to help you better understand each type of negotiation. So you’ll know how to choose the best one for your pocket and your lifestyle. Check out!

The pros and cons when buying or renting a property

For many people, owning their own home is essential. So, here’s the good and bad part of making this choice:

Advantages of Buying a Property

  • It’s your house!

When becoming the owner of the property, there is no concern about the term of the contract, increase in the monthly rent, or the possible mandatory change. Plus, because it’s your home, you can renovate, decorate and redecorate as and often as you like.

Due to being a large investment in equity, this choice is always the most suitable property for your family and medium and long term plans. Therefore, it is the ideal place to put down roots.

  • Property valuation

Speaking of large investments, the appreciation of the property is another positive point when deciding to buy one. Location, preservation, age, among other items, are important for this increase. That way, if one day you want to sell it, you have chances to make a profit in trading.

  • Decision power

Another advantage of buying property is having a voice in important decisions, such as condominium meetings, for example. As an owner, you can participate in votes for improvements and other changes, being for or against them. Your opinion can make all the difference in the end.

Disadvantages of buying property

  • highest investment

As, unfortunately, it’s not all flowers, the main downside to buying a property is its value, which becomes the biggest investment in most people’s lives.

Therefore, this decision needs to be very well planned, thought over the long term, as a loan can take a few years to be finalized. In addition, it is necessary to reflect on the characteristics of the property, which impact its value.

  • The change may take a while

For many families, buying a property on the floor plan is the most viable option. However, one of the disadvantages here is the delay to be able to move and actually live in their own house.

In addition to waiting for the construction to be completed, it is also necessary to carry out the renovation, even if a basic one, which can also take some time.

  • Less mobility

Another disadvantage of buying property is the lack of mobility, since your residence is fixed.

Therefore, if you receive a job opportunity in another city, state or country, for example, or simply want/need to change your life and live somewhere else, you may need to negotiate the property, perhaps bear some losses or even stay where you are. This is because the sale of a home can be time-consuming and bureaucratic. A good deal often takes time.

The pros and cons of renting a property and having more flexibility

Between buying or renting property, there are those who argue that renting is the best choice, due to greater freedom of mobility, in addition to not needing that much money to find a place to call home. So, see if this is the best option for you:

Advantages of renting property

  • Live wherever you want!

Undoubtedly, one of the main advantages of renting a property is that you can choose the one that best meets your needs and tastes. This way, it is easier to live close to work, in a neighborhood with good infrastructure, with greater security, etc.

Also, change can happen very quickly after trading.

  • Flexible mobility

Having flexibility and freedom is also a super positive point of renting. If you are having a problem at the location, have changed jobs, or the property no longer meets your needs, just move. For this, it is just a matter of waiting for the end of the contract or bearing the responsibilities of its interruption.

  • Possibility to plan financially

Renting a property is also the decision of many people who do not want to be tied to a long loan. Therefore, it is possible to live on rent and at the same time reserve the value for a larger down payment on your own house, for example.

Disadvantages of renting property

  • invitation to withdraw

Imagine leaving the house with your face, loving where you live, but being forced to move against your will because the landlord claimed the property? Well, that can happen and it is one of the main disadvantages of renting.

  • no freedom

Speaking of letting the property to your liking, it is important to know that when living on a rental property you will not have the freedom to do what you want, such as renovations or modifications.

To make changes, you must first have the landlord’s permission and be aware that you are investing in something that is not yours.

  • The value can change

Another negative point of renting property is the readjustments, usually annual in the contract. There are many variables that make up the new price, such as inflation and location of the property, for example.

Thus, with the readjustments, the rent amount can exceed your budget and consequently, force a change against your will.

Anyway, now that you know the advantages and disadvantages of buying or renting a property, it’s easier to make this decision. Remembering that, whatever your choice, on our blog and social networks, you will find many tips to help you find your home and leave it as your dreams come true!