Questions Business and Entrepreneurship

Is it better to rent houses for your whole life or to buy a house?

Airtract

Rohini Pandey

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There is no denying that having your own house gives you complete freedom to do as you may please. Other than freedom, there are many other advantages as well. Despite all the benefits, there is a good percentage of people who are still living on rent. However, all of them have different reasons to blame. For example, many of them may not have the required financial backup as for some they have to keep moving for work purposes. But if you look at the bigger picture, having your property is always beneficial for the long-term.

Renting vs. Buying A House

Both sides have their advantages and disadvantages. Before you arrive at a decision, you should once weigh the pros and cons of both the possibilities.

  1. When you rent a place, you have to continue to pay rent every month. But this is not the case when you have a house of your own. Owning a house requires only a one-time investment. When you add up your monthly rent money, you will realize that it’s more or equally expensive than owning your property.
  2. You can have full freedom when you have a house of your own. However, this is not the story when you live under the rules of your landlord. For example, if you want to make any modifications for convenience, you need first to take the permission of your landlord.
  3. Another big concern is that you cannot continue to pay rent for your entire life. Once you retire from your job, your source of income is stopped forever. This is the time to save money. In this case, having your own house would be more appropriate.

Renting a place is, however, beneficial for those who keep on moving from place to place for work purposes. Even then, you should think of the future and save up money to buy a place of your own. For the ones who have financial problems can take a loan from the bank or buy a small apartment to live in.

To conclude, renting a place for a temporary period is fine. But if you want to enjoy the other benefits, owning a house is a must. If you can’t afford a house at the moment, work hard and save enough. After all, owning a house gives you a sense of pride too.