Is owning a home universally better than renting, or is renting always simpler than owning a home. When it comes to renting vs buying a home, what’s best?
This debate comes down to personal choice. In regards to what makes the most sense financially, as well as what works best with a person’s current lifestyle.
Therefore if you’re the type of person who likes to build roots in a particular place then own a home for long-term benefits of security and potential growth in personal wealth.
Whereas if you could be faced with sudden changes such as a job relocation. Then renting offers flexibility. Requiring no long-term commitment from a tenant, and is the best option if you don’t intend on staying in one place for a long time.
Just as if it’s privacy you need owning a home would provide that over renting. And when it comes to property maintenance if you can’t be bothered to worry about or have the time on your hands to attend to it. Or when you do move out finding a buyer to purchase the property, no mess, no fuss as this is the responsibility of the homeowner or landlord when renting.
While if you seek creative control buy a house. It becomes your legal property, allowing you greater freedom in its use without restrictions often enforced by a Landlord. You can alter the property, including décor changes, landscaping and renovations, to suit your needs and your style.
Whereas renting allows for no customisation if you’d like to refurbish your home, forget about it. As at the end of your renting agreement you need to leave the apartment in the same condition and configuration as you received it.
But also most people rent as they feel it’s cheaper. The monthly payments are significantly lower than purchasing a home. And as a renter, you’ll be blessed to see cycles of rents lower than a bond. Also, your rent may cover utility costs, which add up to additional savings.
And since rent involves paying someone else for the use of their property usually when your rent agreement is over, you either rent another apartment. Or inevitably choose to buy a house. Either way you’re going to have monthly payments for a while. Whereas if you purchased a home to begin with, you’d essentially own it and live there payment-free after you’ve paid off the payment agreements.