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Should I rent or should I buy my home?

Buying a home is the ultimate dream for many people. Of course, why shouldn’t it be? Once you buy a house, it is permanent. You don’t have to worry about the chaos of moving, and you can also pass the space down to your future generations!

However, renting a house has loads of benefits that override the advantages of buying a house in more ways than one. Not only it is cheaper since you do not have to pay high taxes on homeownership, but you can also enjoy living in different areas and surroundings and among different people and cultures.

Here is why we prefer renting over buying a house:

1.   No Maintenance Cost

The best part about renting a home is that there are no repair bills or maintenance costs that you have to deal with. When you rent a house, the landlord is supposed to take care of all repairs. This means that if there is any damage to the roof or the walls of the house, it is the landlord’s responsibility to get it fixed.

In contrast, homeowners have to take care of each repair and have to spend their own hard-earned money on maintenance and renovation. This can become extremely pricy, especially if there is a lot of damage that needs to be dealt with.

2.   Amenities

One of the biggest financial advantages to those who rent homes is that they can access amenities. Luxuries like a gym or indoor pool are easily available in middle class or high-end rental homes and apartments, without any extra costs to the tenants.

However, as a homeowner, if you wanted these luxuries, you will have to get them installed. This means spending thousands of dollars and emptying half your bank account. Who wants that?

3.   No Property Tax

Those who rent homes are not liable to pay property taxes. These taxes can cause a significant bump in the savings of homeowners, especially those who are retired or not employed at the moment.

Property tax is calculated in a way that many people find complex. However, it is based on the value of the house and the acres of land on which it is built. Houses are usually built on bigger areas of land, which means that the real estate taxes can be horrifying if you decide to buy a house.

4.   The Choice to Live Anywhere

There is no denying that those who rent their homes have the freedom to live anywhere. They can experience living in different areas, cities, and neighbourhoods. This experience will help them constantly grow, learn, relearn, and will develop their personalities.

However, homeowners do not have this advantage. They are restricted to the houses they spent all their savings on. They may not even be able to afford the rent of different places after spending all their savings on a newly-furnished home.

That being said, renting a home can be stressful, especially for those who like stability. Many people do not prefer packing up all their belongings and moving to a foreign space every few years. It can become exhausting. That is why it is best to get a custom house built based on your needs and requirements so that you can always have a safe space to be happy.