"To rent or to buy"-that is the question that most individual should look forward to considering their current and future financial status and preferences in life. In order to somehow enlighten you with your query, here below are some insights, as also discussed by propertycluster, which would eventually help choose between renting and buying a home.
There are many things that should be considered in making a life-changing decision like renting and buying your own place. The most important thing to consider aside from the financial matters would be your period of stay. Try to evaluate your decision, would it be a short-term goal or are you planning to stay in a place for a number of years? In connection to that, try to put into the equation your work as well, if it demands frequent transfer, then buying a home would not be the best choice as of the moment.
Buying a home is quite an issue, for you would need to be financially stable to do so. The benefit of owning one, especially after paying the mortgage, is the fact that you would be the homeowner. This process somehow validates your sense of ownership, making you the boss. But the downside would be the less chances of easily moving out from one place to another.
On the other hand, renting a place would suggest flexibility and less worry for maintenance and repair costs. On top of that, property taxes and insurances are off your billing worries. But the downside of renting would be the lack of equity even after a long period of stay. The renovations would also be limited and your stay would primarily be on hands of the landlord. He or she has the final say whether to retain you as a tenant once your contract will expire.
The ones highlighted above are some of the benefits and issues that both renting and owning a house would offer. It is up to you whether you are prepared to choose the best that would fit your need and lifestyle.
