Which is better renting or buying?
Some people especially in big cities are often faced with the question about whether to rent or buy a home. Each aspect has its ups and downs, and costs and benefits. If you were to rent then you wouldn't have to worry about the upkeep because someone would do it for you. Another benefit is the convinceince of mobility, when renting it is easy to relocate because the landlord does all the work trying to find a renter, If one owns a house you have to sell the house in order to relocate which often takes time and even more money. Through renting though you pay all that money for something that will ultimately never be yours. When buying a house on the other hand the monthly payments go towards paying back the bank for the loan that you took out to purchase the house. But everything about the house is now yours and it costs more money than if you were in a apartment. Unless you plan to stay in a home for many years then it is more benefitial to be a renter because it pays more in the long run scheme of things.
4 comments:
I've also thought that buying is a far better option then renting, particularly when it comes to housing. I believe this because in both areas, of course a monthly payment is made. In renting, you are paying the landlord for the apartment that you live in. If you have purchased a home however, you are more then likely paying off the mortgage to the bank. Once the mortgage is finally paid off, you personally can say that you OWN the house. It can be used as collateral in future investments if needed, and the market value for houses is typically such that the longer you own it, the more the return to investment it yields. When renting, it is true that you may not have to pay for the upkeep of your apartment. However, you still have monthly payments, and you will never have anything years down the road to declare as your own, because you are merely paying the renter for his/her property.
It really depends on the situation. Renting is nice to do when you can get a big enough loan to cover a house or when you only plan to be somewhere for a short time. Personally I would think buying is better. I have very few things in life that I can call mine. So buying a house and paying it off would just make me feel better. It will be mine in the future, and I can always sell it. It also depends on size. Most places that are being rented out are at the most a four bedroom house and at least a bedroom and bathroom. Why not get your own house as big as you want it. Paying money for rent should really only be done if your not planning on staying in the area.
If you can afford to, buy it. The resale value should be higher.
Buying a house is deffinanly better. By owning a house you can ass value to it and you can sell it for more than you bought it for. You can also choose to do whatever you want with it. By renting you have to follow the rules of the landlord and make monthly rent fees to him/her. Buying a house may be stressful at the time , but in the long run its extremely more beneficial.
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