Owning a lovely house is a dream that most people cherish by the time they are in their late teens. In fact, going to school, college and then work is usually followed by buying of a home that you can call a place of your own!
The traditional way
Seeing our elders own their property has more often than not turned to be an inspiration for the younger generation to own their own property. But the scenario has changed largely in the past couple of decades and is still on the go. This means that more and more people are left debating with themselves whether to own a property or to opt for renting one.
Home buying pros and cons
There are two sides to the issue much like both sides of a coin. Both buying and renting have their pros and cons that depend on your life situation, the type of work that you are in and of course the place that you are planning to live in.
- Buying a home entails the same mortgage rate anywhere and a fixed portion of your monthly income will be dedicated to it.
- The price of a property is sure to go up over the years giving you better options for the future.
- You can sell the property to buy a bigger home as per the needs of your family and move on.
- There is also the option of renting out the property that you own and accommodate yourself in comfortably near the city that you work.
But there are also several flip side to owning a home and a lot of millennials and the younger generation are opting out to live in rented place than own a home.
- Maintenance costs of owning a home is always something that you will have to live with.
- Owning a property ties you down to a place that leaves you with very little flexibility of changing jobs and moving out to another state.
- Children grow up fast. Their education and jobs take them to other places leaving you alone in a large home that you may find difficult to manage by yourself
Renting pros and cons
When it comes to renting, there are pros and cons too but that too will depend on how you choose to live and where.
- Living on rent gives you the freedom to ask for the amenities and their installations made to your landlord without you having to bother about them.
- You get to live a more flexible and carefree life while living on a rented property choosing to terminate the contract as life situations change.
- Especially for unmarried couples, renting a property is a much better option than buying a home especially if the deed is in the name of only one person.
- There are no legal complications in case of unwed couples splitting up when living on a rented property as in owning a home.
- Career options are changing fast in today’s world and can take you to places far away from where you live. Moving out of a rented property is far easier than from the home that you own.
- It is easier to adjust the lease contract for rent than to find a buyer for your home and sell it over a few months.
The other side of the coin is also true:
- Renting is often thought to be more expensive than owning a house in the long run. The truth is however somewhere in between.
- Rents in certain cities are rising faster than income and it is becoming increasingly difficult for people to live with it.
Keeping pondering on them all and see which suits you and your lifestyle best before you take the final call on whether to buy or rent a home!