Your New Home: to buy or to rent?

Sooner or later, each and every adult is due to face the same issue: should I purchase a flat of my own, or should I rather proceed with renting it? Which option is more convenient? And which is the more practical approach? The real estate market does not come up readily with definite solutions.

Buying a Flat: pros and cons

The primary benefit of the purchase option is apparent: this will be your own place of residence which you are not going to have to pay rent for henceforth and which you and you alone are going to have the right of ownership to. There are, however, further benefits:

• If you own a house, you are going to be authorised to repair, refurbish, rearrange, redo, and/or rebuild it however you prefer, to your liking; you will also be able to supplement it with additional equipment, devices, installations, and other smaller but necessary items.

• When and if you purchase new things—such as furniture, kitchen or TV equipment—you are no longer going to be worried about how should you transport it if and/or when you eventually move to another place of residence. This is particularly the case as far as oversize and heavy household items are concerned.

• In a flat of your own, you are free to buy (or adopt) and keep pets, invite your relatives over—there shall be no need to ask for the flat owner’s consent or something.

• Finally, you can rent your own flat to tenants—and, if you manage your business wisely, that is going to be a splendid investment indeed!

How about disadvantages, then?

• Buying a flat is always a pricy undertaking. Even if you take out a mortgage, the first instalment is going to be a considerable amount of money.

• There is always a risk you are going to make a mistake. A seemingly impeccable flat might eventually turn out to be a disappointment—and it might be too late for that.

• A mortgage may cost you dearly with all the interest taken into consideration. And that is a commitment to be repaid within a decade, at least!

• Buying a flat in a house pending construction is always a great risk as the house might actually never be handed over into operation.

• A new flat almost always calls for repair and refurbishment. This means additional expenses.

Renting a Flat: advantages and disadvantages

Renting a flat is an option with a diversity and miscellany of choice. Here are the advantages:

• You can move to another flat whenever you wish. Do you happen to be in the mood to change your environment? Are you bored by the interior of your home? Have your circumstances or needs changed in any way? Just look for another flat (or a house). This would have been much more complicated if you had had a real property of your own.

• Renting a flat is not a very dear option. It is not cheap, of course, but it is actually much easier and more affordable than the mortgage/purchase option.

• Renting a fully furnished flat is not only a cost-saving option but also a time-saving option as you will not spend time and money looking for and buying household equipment you need.

There are, however, some disadvantages, too:

• A deposit payment will be requested and required—that is, a sum equivalent to one or two-month rent, paid in advance. This is the landlord’s insurance, should he or she suffer any damages in the course and as a result of your stay.

• Rent prices grow in line with other prices in the market. These nuances may, however, be adjusted by a properly composed rent agreement.

• Payment of utility bills is often the tenants’ financial responsibility. And these bills are not always what you expected them to be—particularly, come winter.

• Should you get into fiscal troubles or lose your job, you risk becoming homeless altogether.

• Some people just need to own their home in order to feel properly safe and convenient, confident as far as the future is concerned. (That is, however, an aspect of personal nature.)

There is, thus, no single truth as to what you should do: rent a flat or buy it? Each one should make a decision of one’s own. Which option is the best one for you, personally?

Comfort Realty is here to help you the best flat to rent and live in for a long period of time. We maintain a verified database of landlords all across Lviv. You are going to be able to select the flat that will be best for you, considering location preferences, budget, and additional requirements pertaining to arrangement of inner and exterior spaces. And the additional advantage comes with the fact that we are going to take care of all of the legal and organisational aspects for you.