Should you purchase? Should you buy or rent? For one simple reason, this debate will never be resolved. There is no single correct method. If you are just starting out in life, your budget is most likely driving your decision, but is this the only factor you should consider?
Certainly not! A number of factors must be taken into account.
Buying:
When it comes to purchasing, the argument is simple:
Purchasing a home is an investment rather than a cost.
Because the value of a home rises over time, your profit from reselling it is guaranteed.
Owning a home gives you a sense of security because no homeowner will decide to kick you out when your lease expires.
Home ownership allows you to decorate your home however you want without having to seek permission from the homeowner.
There is the possibility of rental income if you decide to rent your house when you relocate.
The majority of the costs of buying are One-time costs.
Renting:
Unlike buying, renting has traditionally been thought to be a waste of money, but this is not always the case.
Before you decide to forego renting, ask yourself these questions.
Do you intend to sell your home in the next few years?
Do you have financial security?
How long does it take you to get to work?
Is your house close to enough services?
If your lifestyle necessitates frequent relocation, renting is always a better option. Buying only saves money if you need to settle down.
If you have the financial means to commit to bank loans or property installments, you can buy a house; otherwise, renting allows you to reduce your payments at any time by switching to a less expensive location.
If you live a long distance from your workplace or your children's school, you will waste time and money on your commute. Renting a house near your workplace is a wise decision in this case.
Finally, if your house is isolated from services and facilities, the cost and hassle of reaching out to those facilities will cost more than the renting costs.
Either option can be used in your favor to settle the argument. All you have to do is know when to approach each one.
Manage your finances wisely by learning the costs and payment options for buying and renting presented in the following article.
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