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Renting and buying: the ups and downs of both

When moving out one of the biggest things to consider is whether to buy a proerty, or to simply rent one. Its not a decision that you can take lightly either, as moving into your own house is a massive commitment, and requires a lot of thought. Nevertheless, I'll try my best to show both sides of the argument in equal quantities – there's important upsides and downsides to both, so let's get straight into it.Renting+Comparatively speaking, renting a house is the less expensive choice. There's no loans or mortgage agreements, just the rental charges, and the everyday living bills. Living costs are not subject to much change either, seeing as your rent is agreed upon ahead of time. By renting, you don't have to tie yourself down to a mortgage. This makes the prospect less risky, as you don't have to put down a large amount of money on something that might start to lose value. You just have to agree to a short term contract that's not compulsory to renew.-When renting though, you have to consider the fact that you don't actually own any of the property, just the goods that you choose to contribute to the furnishings. You're just sharing someone else's space, and if that sounds hollow to you, then renting isn't for you.There are downsides to not being tied down either – life in a rental property isn't usually a long term one. Your living arrangements are dictated by a contract, and when it comes around to renewal time, if either party isn't happy with the terms, you'll have to find another place to live.Buying+If you can afford the costs associated with buying, it could potentially be a very rewarding decision. When you're putting your money into a property, you're not just buying a home, you're also taking out an investment which could end up paying dividends when it's time to sell.A house that you buy is a house that you can call your own. That means you can decorate, furnish and expand with far less restrictions than a rental property. This makes the experience far more personal than simply renting out someone else's space.-Though that being said, there's a lot of costs to pay. You'll robably have to take out a large loan and do some fund raising before you can actually buy a house. And even then, you've got to take into account all of the work that needs to be done when you move in – decorating, and renovation has to be taken care of if it's required.There's also the risks to consider too; the economy in this country isn't at its best at the moment, so house prices in most areas will be on the decrease, at least for the short term. For long term home owners, this may end up not being a problem, but it's something to keep in mind.Now, with the pluses and minuses taken into account, you've just now got to weigh up your options. Though keep in mind that the renting and buying conundrum isn't the only thing to keep in mind when moving in. Think about location, and the property type too – are you going to be renting a small flat, or a few rooms in a tenant's house? Are you going to be buying a house in a location that's convenient for your daily commute? Whatever the case, consider all of your options carefully before agreeing to any sale or rental contract.