To Buy or to Rent: A Question Only You Can Answer
Wednesday Feb 15th, 2017Share
Some people consider home ownership as a measure of success and a symbol of financial independence. Having one's own home was always a part of the “perfect life” dream. However, after the housing crisis and the rise of the prices, buying home became a challenge. Today many people changed their minds and see renting as a better choice.
Photo: depositphotos. Money coins with home, Saving for buy home concept
The main advantage of buying a home is that once you make all the payments, the home is yours and you can do whatever you want with it. You can paint the home any color you want, you can make add-ons to your home, you can customize any way you want.
Buying property can be a good investment opportunity. Still, you shouldn't think of your primary home as an investment because real estate not always outpaces inflation over time. Some experts say that buying is a bad investment, but the problem is, people misinterpret this to mean buying a home isn't a good idea in general.
You have to pay a lot of money to become a homeowner, and even after that, you have to pay money to maintain your home. So, being a homeowner means spending a lot of money.
If you own a home moving can become a challenge: you need to sell your house and it can take a long time. So, if you plan to stay in one place for a long time, buying can be your choice.
Photo: depositphotos. For Rent Real Estate Sign in Front of House
When you rent a house, you pay a fixed amount of money every month, and you usually don't have to pay for maintenance or repairs. You cannot modify or customize your home because it's the landlord's property. Usually people rent because the property in the area is very expensive, and they cannot afford to buy. You can move out of the rental house really quickly and it won't be a problem.
In addition, there is the financial aspect. The cost of the house and the rental prices vary depending on the city and the neighborhood. There are many Internet sites that can provide calculations to see which option is more financially beneficial.
Photo: depositphotos. Sale and Rent Signs
Buying a home can be a bad financial move, but it also can be a good one. It's almost impossible to say, which is better renting or buying because each option depends on your unique situation. You need to consider many factors: where you live, what kind of house you're looking for, how much you pay in rent, how much you will pay in the future, etc. Of course, there's the emotional aspect of home ownership. However, if you're going to spend all your money to pay the mortgage, buying a home for the sake of owning is quite pointless.