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REVIEW of Money 16

Build, Buy or Rent?
what needs considering before moving house

Everyone has to live somewhere and, for the most part, the choice of where is down to the individual. This usually progresses over a period, from flying the nest, to upgrading when circumstances permit. The starter might be a rented house or apartment, often to be shared with another person, or quite frequently with a number of presumably compatible friends. Whatever the case, there will be expenses that may not have been considered that will impact on the wellbeing of all concerned. Payment of a bond is generally a requirement along with a number of weeks rent in advance. There may also be other costs to bear that are the responsibility of the tenant. Anyone contemplating renting accommodation will benefit by reading the full article.

Buying an existing home is a little different. Once the deal is signed, the new owner has no landlord to fall back on for any repairs - they are down to him or her. Of course, if a decent inspection was conducted before purchase, there shouldn't be too many unforeseen problems that come back to bite - IF should not be in the equation! Checks have to be made with respect to structural soundness as well as any environmental issues that could affect the property over time.

As for building, this is a whole new ball game; an exciting one, but not without problems. There are numerous restrictions imposed by local councils that impact on new-home builders; not to mention the added expense of additions over and above the construction of the building itself. Has the cost of driveways, fencing, landscaping and window-treatments been considered? How about insurance - of any extra items not covered by the builder, and the house itself after it has been built?

Whether you intend to build, buy, or rent, have a read of our article and be wise before the fact.

To read the complete article or download the PDF of Money 16 click here

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