Renting vs. buying a home
April 15, 2024
Typically, we all need a roof over our heads. Now, not just a roof but also a comfortable place that can serve as your safe space and your home after a long day of interacting with the outside world. The major question here is: how do you acquire this safe space? Should you rent a home that requires you to pay a fee either annually or biannually? Or should you buy a house at a much more expensive rate and dwell in the security of knowing it is yours and you can enjoy it or use it as you please? Let’s talk about the opposite sides of renting or buying a house and which is more preferable.
Renting a house is a lot more flexible. Depending on where you are currently, it affords you the luxury of moving around and changing spaces when you deem fit with little or no commitment. Buying a house keeps you rooted in the space that you now lay claim to as yours. When you decide to move from a house that you have bought, you are faced with the hassle of putting the previous one up for sale if you choose to. This simply means that renting may be more preferable than buying if you are currently in a place where you need the luxury of comfortably switching locations without anything such as a property holding you back.
Nevertheless, there is this sense of security and peace of mind that comes with owning a house that you can call yours till the end of time (unless you change your mind). The thing is, with rentals, the landlord of the house could suddenly decide to give you notice to move out of his place because of certain issues that may arise. As much as you are entitled to a certain time window to sort yourself out after this notice is given, you still have to leave his home because it is not yours. Another insecurity in renting arises when you are starting to have difficulties meeting your rent payment. No matter how bad things get for an individual financially, his property will always be there, providing a place to lay his head. However, inability to meet up with payment for a rental could equate to losing your home.
Ultimately, the choice to be made between renting and buying depends on your personal circumstances and financial goals. A person who is just starting out at a reasonable but not very high income may need to start with renting. Monthly income can afford you bit-by-bit savings for your rent before the due date, but it cannot afford you the complete amount of money or a reasonable installmental payment to buy a home. Nonetheless, as soon as the income increases and maybe there is a family to cater for now, there is a need to consider making a permanent purchase. Buying a home presents itself as a fair enough option at a later and more comfortable point in life.