There are a lot of things you might consider buying— house, car, new shoes. But when it comes to renting- well, there’s not too much to be said for it. Buying and leasing are two different things, and they will cost you money most of the time.
They both required cash for maintenance, rental fees, decoration, repair, house bills, and all that but did you sometimes wonder or maybe, think twice to choose whether it is best to buy or just to rent? To help you answer that, here are:
- The pros and cons.
- Their comparison.
- Other details you may need in terms of buying or leasing.
The Pros and Cons
Although buying something mainly, a house, is underrated, and we can say much about rentals, we can’t take away that having something we earned hard can value more.
This is probably because the price of things like houses and cars increases day by day– not to mention the depreciation after a purchase or the expenses associated with owning one in general. If you’re moving soon and can’t afford anything else at the time, renting should be your first option on your list as quickly as possible.
I’m sure many of you have had some experiences with renting– and I’m willing to bet that most of you have had a bad experience at least once. However, this doesn’t mean that all the things that are associated with renting are negative.
For example, rent is usually included in your monthly expenses. Suppose you choose to live in a house because it’s cheaper than buying one, not having to take care of the maintenance or paying property taxes, for instance. Another great benefit to renting that outweighs most of the disadvantages.
Eventually, you’ll probably earn more money than renting, taking into account possible increases in housing prices over time. When you get the chance, you can then purchase a property. But for now, renting can give you time to get more money.
Also, owning a home means more responsibility– so you’ll have to deal with property taxes, maintenance, and possibly even an unexpected increase in housing prices. You’ll also probably have to repaint your house now and then and replace the furniture in your living room- all of which would be unnecessary costs if you were renting.
But what’s best in renting is that offers are flexible with predictable monthly expenses. You don’t have to worry about any other costs since it allows you to save the fixed amount needed for the rental fee.
Plus, you don’t need to worry about your house repairs because someone will handle repairs for you.
However, ownership will surely give you the pride of ownership and a sense of responsibility and stability in the community, along with all the other expenses possible in purchasing your own home.
Reasons why people choose to rent:
- No taxes to pay
- Not enough money for more expenses, bills, and maintenance, most especially for repairs
- Work Purposes
- Lower utility bills and expenses
- Fixed amount to pay
Reasons why people choose to buy:
- More space and amenities
- Want to make upgrades
- Great neighborhood and community
- Doesn’t need to deal with monthly payment, and landlord
- Sense of responsibility and ownership
- Have a right to change and decor on your own
Owning a home isn’t really for everyone, but indeed a must-have. They are both beneficial and sometimes hard to achieve, but the important thing here is you have a home to relax and have fun with your family together. There’s no such thing as having a family that lives together despite having their own home or just a rental house.
