Renting or buying: what should a young person do, Rental property advice, Rented accommodation income
Renting or Buying: What Should a Young Person Do?
27 May 2022
Buying a home is one of the most important things you’ll ever do in your life, but it’s also one of the most challenging processes in the world. This is particularly true if you’re one of those young people who are doing this for the first time ever, which is why you have to be very careful every step of the way.
However, buying a home isn’t the only option for all those youngsters out there – lots of them decide to rent a place where they’re staying simply because they can’t afford to become homeowners. So, if you’re thinking about whether you should invest all your money in a home or you should stay in someone else’s home for a while, here are a few things you should take into consideration.
Buying a home and moving in
First of all, if you have enough money to buy a place, this is definitely something you should do. Even if you’re not going to live there immediately but you’re thinking about renting it for a while, buying a new property has always been among the best ways to invest your money and get something in return. It doesn’t matter how big your property is, where it’s located, and how old it is – as long as you’re in a position to buy it, don’t hesitate any longer and make the purchase immediately. Of course, you can always update your new place a bit and resell it after a while because this might turn into an amazing investment and an opportunity for you to start a new flipping business just like all those amazing people at HGTV!
Buying a home and turning it into a source of income
Buying a home where you’re going to live for the rest of your life makes this entire process worthy of the effort, time, and patience you’re investing in it. However, some young people don’t want to live in the homes they buy, but they want to repurpose them instead. Turning these homes into a hostel, a bed and breakfast, or any other type of accommodation is a great way to go, but only if you make sure you’ve done all parts of the job and figured out how to make everyone happy, from your suppliers to your customers and everyone in between.
Doing that won’t be simple, but if you get some professional help and figure out a way to maximize your new property’s potential, you’ll be making a win-win scenario. Doing that is easier if you use one of those experienced trade finance facilities that will give you enough money to make everyone happy and keep your suppliers satisfied because this is the best way to go if you want to turn your new property into a source of income.
Renting instead of buying
Even though this solution isn’t as lasting as buying a home, renting a place is just as popular as buying one. The reason for this is quite simple – not all young people have enough money to make that happen, which is why they need to find a more adequate solution and rent a place instead.
However, just because this solution isn’t permanent – you’ll have to move out of someone’s home sooner or later – doesn’t mean that it doesn’t come with its own benefits. From having more homes to choose from to being able to minimize your costs and your stress level, renting a place is a great idea for lots of youngsters around the world. Finally, being a tenant is much easier than being a homeowner – and the best thing about it is that you can move out whenever you want!
Rent to own
This is another popular solution around the world, but it’s one of those ideas that sound crazy at first and end up being amazing in the end. This is an agreement between buyers and sellers – instead of paying the full amount for a home, the buyers rent it for a while and use the rent money as a down payment for the house.
This sort of arrangement is more common and popular than you can imagine, which is why you should also think about this idea. So, if you can’t reach a decision, keep in mind that the best of both worlds with renting and buying is renting to own a home, so start looking for potential properties ASAP.
Renting or Buying Guide Summary
If you can’t decide whether you should buy a home or rent it, you need to take a step back, relax for a while, and take all the pros and cons into consideration. Buying a home you’ll be able to enjoy in the decades to come is the best solution out there, but don’t be sure that all the other alternatives we’ve mentioned here don’t have their advantages, so start checking them all out right now.
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Sea Breeze, Camber Sands beach, Sussex, England, UK
Design: RX Architects
photo : Richard Chivers
Sea Breeze on Camber Sands beach, East Sussex
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Design: RX Architects
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