Have you ever wondered whether it’s better to rent or own your home? I often talk about this with my friends and decided to systematize the conclusions we reached for you. The post will be split into the pros and cons of buying vs. renting. I will be happy if you also share your thoughts in the comments after reading. Enjoy!
- You get a furnished apartment – One of the great advantages of renting an apartment is that you can move into a furnished apartment and start living there the next day. Of course, some apartments come also without furniture, but then the rent is also smaller.
- You don’t need a lot of capital – Money is the most important factor when living on your own. The good thing is that you don’t need a lot of capital to rent an apartment and it’s more affordable for most people.
- More flexibility – If you have a nomadic soul and don’t want to settle down in one place, renting is for you. Have you decided to travel the world for a year? Did you get an offer to work in another city/country? It’s so much easier to leave everything and just go when you are renting.
- You don’t pay for repairs – Another good thing is that you don’t pay for repairs, this is the landlord’s job. This will save you unforeseen expenses, time and nerves from the repair process.
- No worries if the value of the apartment falls – You don’t feel any worries about the apartment’s value or market price. This brings a lot of stress for people who bought an apartment/house as an investment, but that’s not a problem for you.
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- You can’t make repairs without permission – One of the worst things if you intend to live longer in the apartment. You don’t always have the freedom to design it the way you desire. If you want to make a big change, you have to ask the owner, but they often do not approve changes.
- You don’t own it – When you live in a rental, it is more uncertain because anything can happen. They may not renew your contract. Another person may want to buy it from the landlord and start living there. In such situations, you will have to leave your home because you are not the owner and have no choice.
- More monthly expenses – Rents take a large part of the monthly expenses. Every month you have to set aside a significant amount of money to live in a certain place, and this is even before paying the other bills for water, electricity, etc.
- You have to consider the price-quality relationship – With less capital, you can’t live in a luxury apartment, so you have to consider the price and what you can afford according to your budget.
- No pets allowed – This prohibition is valid for a lot of rental apartments. Very few owners allow you to keep a pet in their apartment. This makes it difficult to find a suitable place for you.
- Freedom in design – When you buy an apartment, you can turn it into whatever you want. You have all the freedom to make it your dream home without asking permission from anyone.
- You are the owner – When you buy an apartment, you already have your place. That way you have more security and even if you lose your job, you won’t end up on the street. Having a property is also the start of building generational wealth for your family.
- A Long-term investment – Buying a home can also be considered an investment. In the long term, you can sell the apartment/house or rent them out. Investing in real estate is a sure thing.
- Pets – You can get a tiger if you want now haha. You can look after a pet in your own home without asking for anyone’s permission. You decide what you do and who you will live with.
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- Renovation/repairs expenses – When you are the owner you have to pay the bills when something breaks in your home. You should always have some money on the side for situations like this because things do happen.
- Insurance – In the event of a disaster, your property may be affected. You must decide whether to insure your home. I recommend you do so because you never know what tomorrow will bring!
- Reduced flexibility – Before you decide to buy an apartment/house and settle in, you should ask yourself if you are ready to spend the next decades in this new home. Is this the place where you are going to raise your kids? Is this the city where you want to work and live in? This is always a big step that requires a lot of planning and thought!
- Taxes – When you own a home, you should be aware that you will be paying various monthly and annual taxes. It’s a good idea to do some research on the topic before buying a home.