If you’re deciding between buying or renting a house, there’s nothing like weighing the pros and cons of each option. To help you, we have prepared this article.
Buying or renting a house: that’s the question. The truth is that, a few years ago, the decision was almost unequivocal and involved buying a house. By the way, traditionally, the market reveals a clear trend towards home buying. The numbers prove it. More than 70% of the Portuguese are owners, with only about 30% being tenants.
But in recent years, thanks mainly to the financial crisis and the real estate market’s changes, the scenario has changed a little, and many families opted for renting.
- It is a more advantageous option for those who are starting a career, wants to leave their parents’ house, or have no income to buy;
- It offers greater mobility, as it is easier to move house due to the length of contracts and not having to wait for a good deal to sell, as with an owner. This is, without a doubt, a decisive factor for people who, for professional or personal reasons, have to move house frequently;
- The only obligation as a tenant is to pay the rent or, eventually, part or all of the works, as agreed with the landlord.
- It has less associated expenses (since you don’t have to pay taxes – like IMI – or condominium expenses, for example).
- You have to answer the landlord. In other words, any changes must be communicated and authorized by the landlord (such as works);
- You are investing in something that is not yours, and therefore you are not building assets.
- You may be forced to move. Either because the lease ends or because the landlord chooses not to make a new contract, you can find yourself in a situation of having to look for a new house even if it is not part of your plans;
- In the long run, you can spend as much or more money than if you chose to buy a house.
Quadwalls know that sometimes the decision between buying or renting is not easy, but that’s why we compared the pros and cons of one option and the other. Analyze these points carefully, their possibilities, and how far you can go and make the decision that best serves your interests. And now, do you feel prepared?