Is renting a better option?
Is renting a better option than buying your own home
This is not the easiest question to answer with a simple yes or no but it does depend on your own values and circumstances.
One of the biggest disadvantages of renting is that you have no control over where you live other than for the duration of the lease. It doesn’t matter whether you lived at the one place for fifteen years and paid rent on time without fail – if the landlord decides to sell and the new buyer wants to live in the house once the lease runs out, then you have no choice. It’s time to move.
Or maybe you are tired of the fact that the rent keeps going up but when you question it, the answer is a polite but blunt “take it or leave it”.
And then there is the frustration you feel when you realise that where you are living doesn’t really feel like home because you can’t even hang a picture without having to worry about being told to take it down.
But there is more to the argument than just these issues.
When you rent, the money you pay is dead money. You get no benefit from it on a long term basis but the landlord obviously does otherwise they wouldn’t own the investment property you’re renting in the first place. You see, your rent money helps makes them wealthier because they gain from the value of the property increasing. It’s their financial position that is improving – not yours.
Most people would prefer not to be renting but you do need to think through the options. Renting does have its advantages and is the right choice for some people who like the freedom to be able to move around and not have to worry about fixing anything that breaks and does have it’s place but for most people, the dream of owning your own home still comes out in front even though emotions may be the biggest factor involved.
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