Should I Buy a Home or Rent?
Is renting better or just buying a home? This question is almost as old as the beginning of time.
Okay perhaps not that old because back in early human days, most of us lived in caves (No interior decorators required).
However, today we definitely need a proper dwelling to not just relax after work, but perhaps for even raising a family someday.
So what should you go for?
Buying a home, or just renting one?
If you don’t own a home at the moment, you most likely want one. The feeling of not paying rent anymore and owning your own land just can’t be described.
It feels pretty amazing actually.
Especially if it’s a freehold property.
Freehold property refers to owning the home outright. Including the land, and the actual home that is built on the land.
There are other ways of purchasing a house but when you are buying a home, make sure it’s 100% freehold.
Another reason to own a home is unlike a rental, when you own your property, you can do whatever you like to it. You can add a nice little picket fence around your home, paint the rooms in any color you want, and the list literally goes on.
You don’t have to worry about the landlord getting in your business (Or anyone for that matter) or worry about losing your deposit if you change the place too much. Bottom line, your house is your home and you can do whatever you want to it.
You can’t buy that kind of freedom.
Wait a minute ...you totally can.
If you own a home of course (Corny wasn’t it).
Another great reason to purchase a home is to pass something down to the younger generation. If you’ve struggled all your life to own a home, and you don’t want your kids to go through the same, then definitely get a home so they can have it after you.
After all, the best thing you can do is give your kids a place to live. This will create a strong foundation for them and the sense of security will naturally help them grow.
Passing something down to your kids is another huge reason why many purchase a home and it’s definitely a noble one.
So these are pretty much the main reasons why you would want to buy a home.
Ownership, freedom and leaving something for your kids.
Now these three reasons alone are amazing enough to push anyone to purchase a home.
Then why rent?
Well frankly speaking, if ownership is not something you really care about, plus if you don’t have any kids either, renting might just be the best option. It’s easier on the wallet and definitely involves a lot less paper work. In some cases, you can just fill out an application and if approved, you are good to go.
In addition, renting allows a lot of room to move around. You can literally rent a place anywhere you like. You typically sign a one year lease and then after a year, off you go.
Or you can stay at the same place as well on a month to month basis. Depending on your contract and all.
Some couples just jump from a high rise to high rise (Not literally of course) or even live in other cities, etc.
In a way, you get to enjoy a different kind of freedom. Where you can literally stay wherever you like without having to make a huge financial commitment.
Reality is renting is not better than buying or vice versa. This truly depends on a person's perception.
Regardless, at the end of the day, you have to decide what works best for you and your loved ones.
Isn’t that what really matters anyways?
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