Buying or renting a house? Which factors to consider in the decision

Should I buy or rent a house? Many people try to think of the pros and cons of both situations to make the right decision for them and their loved ones. Undoubtedly, whether you buy or rent your future home will influence a huge part of your life, due to the financial investment required. Therefore, it makes sense to worry. Although more and more Greeks prefer to rent rather than buy a house, it's essential to investigate thoroughly all the options.

Pros of buying a house

• I am the landlord so, I play with my own rules.
• I am not forced to move due to external factors, in case, for instance, the landlord wants the house for himself.
• I am designing and decorating the house as I have dreamed of, based on my budget and personal taste.
• I acquire ownership of the house in the long run and I can pass it on to my children.

Concerns about buying a house:

• It requires a large capital and financial commitment and I do not want to have the stress of repayment of a mortgage loan.
• I might have to spend money on the property for repairs, which increases the initial cost.
• I am responsible for the maintenance of the house.
• I pay property taxes (eg ENFIA).
• I might find it difficult to sell it if needed or its value might fall.
  

Benefits of renting a house

• I can change house or neighborhood whenever I feel the need to do so. If, for example, my family is getting bigger or I have a serious problem with the neighbors, I can just move out.
  
• I am not overloaded with the cost of repairs.
• I am not affected by a possible drop in the value of real estate in the area.
• I do not pay ENFIA and property taxes.
• I pay a deposit of one or two months rent and I can move immediately in the house.

Concerns about renting a house

• The landlord can raise my rent at the end of our contract so much that I will not be able to afford it.
• There is great demand, so I have to spend time on searching for houses, be available for viewings all the time and move fast so as not to miss any opportunity.
  
• I might have to move several times (e.g. the owner needs the house for home ownership).
• If the house needs maintenance or repairs, there is a big chance that the owner will not be willing to cover the required costs.

At the end, should I buy or should I rent? It clearly has to do with your needs, preferences and capabilities. The following 7 questions can help you decide:

1. Which choice can you support financially?
2. How long do you plan on staying at this house?
3. Do you want stability or flexibility?
4. Are you okay with being in charge of house maintenance and repairs?
5. What are your future plans and priorities? Will you need more bedrooms in the future or flexibility due to professional changes?
6. What are the reasons which would make you want to move in a few years? Think about the case you won't be able to move easily and which consequences this will have to your life.
7. What needs might arise later that you should consider? For instance, the need to be close to your parents or close to nature?

Before you decide on buying or renting, it would be good to get the opinion of a professional agent in the area you are interested in, who will give you valuable advice in order to make the right decision!