For someone who has the means to live on their own, making a choice between renting and buying a house can be a struggle. That’s why to lighten up the burden of this decision, Citro West End and other experts have listed down some of the pros and cons of each option.
Renting: For people who are looking for a temporary place to stay (either for work or for whatever reason it is), renting offers more flexibility. With renting, there’s no need to be tied up with a mortgage agreement. It’s easier to move out to another home, as it all depends on the renter’s length of your stay.
Buying: Home buying is perfect for people who want longer or permanent residency. People often consider this option when they want a more stable place to live in and have been wanting to start a family of their own. In other words, it offers security and a steady state of living.
Renting: There are definitely greater savings with renting because the maintenance and repair costs are often shouldered by the landlord themselves. Instead of paying for mortgage insurance (PMI), the leasee would only have to think about renter’s insurance, which is more affordable.
Buying: As compared to renting, purchasing a home is way more expensive. From the utility bills and monthly repayments down to the maintenance costs, these will become part of your financial obligations.
Renting: With renting, property owners often set house rules that tenants must follow. Modifying or changing the place may require the leasor’s approval. If there’s anything owners didn’t like, they could kick you out quickly. This not always the case, though, as there are apartments or rental spaces which are okay with renovations or improvements.
Buying: When it comes to ownership, having a home of your own gives you more freedom. Homeowners are practically free to customise or build anything within their property as long as it abides with the city’s restrictions. There’s no need to ask for permission or whatsoever.
Before finalising a decision, be sure you’ve considered these things. This will allow you to arrive at an answer that would match the kind of living you have in mind.