Buy vs Rent: What is less commonly seen, are people talking about preference. Which one do you think would be a better fit for you?
Which one do you think suits your lifestyle?
There are several factors when it comes to choosing between buying or renting, and they are all pertaining to your personal needs and your lifestyle. Circumstances make buying and renting different for several people around the world, and it is not advisable to follow somebody else’s steps in matters that can be so personal to someone.
Buy vs Rent
It is obvious that there are cost differences between both, but there are intangible differences that matter the most when it comes to buying or renting. These are the kind of questions you should ask while thinking about buying over renting or vice versa:
What are your financial plans or family goals?
Are your plans reaching the direction of a long-term or short term
Are your options more geared toward stability or flexibility?
How long are you planning to stay, or are you planning to stay at all?
These are some of the basic starting points to consider when it comes to thinking about whether to buy or rent a property/home. They merely provide you with a roadmap or guidance to help you to reach the ultimate decision.
Your roadmap to rentingIf you’re someone who has more of a short-term plan in terms of finances and lifestyle, then renting would be a preferred area of choice.
job
There are several times when people are not secure within their jobs and think it would be more suitable to keep moving and remain flexible rather than stable, this is one of those situations where renting may be ideal, because you’re not responsible for anything related to the property, and you can simply pack up and leave based on your own needs.
A significant difference is that there is no hassle with regards to selling the property because the process itself takes a lot of time, and there is no promise that you would be able to sell the property for more value than you originally bought it for, based on market value. With renting, that area is ruled out completely.
buy a house
You might even be renting in order to build credit points for when you might want to own a house in the future, and it would be ideal to wait until you can either afford enough to buy a house on your own or build enough credit to finally attain a house on a mortgage basis.
If you choose to rent for a long time, the rent will stick with you for a lengthy period and you might end up paying more when you rent than in comparison to when you buy – this is subject to the rent, how much it increases or decreases as the years go by, etc.
Buy vs Rent
Another thing to keep in mind would be the fact that once again, selling the property is not in your hands. If the landlord decides to sell the property to a different owner, you might not be able to live there and eventually have to move out, making stability quite difficult in a situation where a home is rented.
Your roadmap to buyingIf you’re following a long-term financial and lifestyle plan, it would make sense for you to buy instead of rent because it would mean that you probably have plans to live in that particular place for a long time. If your family has established itself in one place, and work-wise, it is convenient for you to stay in that one place, it could secure your stability and be of great benefit to you.
Lifestyle
Lifestyle and personal plans are some of the most personal reasons why one might want to choose to buy over rent and these are the attributes that should first be taken into account before you actually start making the tangible calculations/comparisons between both options.
On the practical side, you would probably need a lot of money on the forefront in order to buy a home or property as well as the entire process of paperwork.
If you don’t have the time, money, or patience to handle such things, buying would most certainly not be ideal for you, and it would make more sense to wait it out rather than impulsively making the choice to buy at that point. Purchasing the property with the mere expectation of the value going up would be a gamble, speculation. You can’t speculate, nor can you predict the future.
