Should You Buy or Rent Your Home

A comfortable and nice home is one of the essentials to a happy life. When it comes to the house, most people face the dilemma of whether to rent a home or buy one right away. There are loyal supporters of both arguments, as each option offers some unique advantages.

Advantages of buying a house

  • An owned house is a great asset, probably your most valuable one. It gives you the security of a permanent dwelling place that you can call your own. It is also a sound and relatively safe investment.
  • You invest a huge amount of money in your home. This investment can be used very effectively when you have a future need for a large sum. It may be difficult to raise big sums at short notice from other sources, but by placing your home as collateral, you can get substantial loans to cover large critical expenses. You can take either home equity loans or lines of credit for such needs.
  • An owned home gives you the flexibility to make major changes to it. You can remodel it as you like and even add new structures and parts as you see fit. For instance, when your family grows, you can make necessary alterations to keep your young children safe, like by adding or removing windows and doors. As you age, you can remodel the interiors to accommodate old age problems. For example, by replacing stairs with ramps.

    • Advantages of renting a house

    On the other hand, renting comes with its own unique advantages too.

  • A rented house offers the flexibility to change homes when your needs change. For example, you may want to move to a new home nearer your office or your child’s school in future.
  • A rented house does not burden you with huge debt. You are not saddled with any unavoidable long term financial obligations.
  • You can start with a small home and move into a large one later when you can afford it. Rental homes let you live in accordance with your changing financial status as you progress in your career.
  • You are not liable for any major repairs or maintenance on your rental house. You also do not lose much, if the house is damaged or becomes un-livable due to a natural calamity or an unprecedented accident.

    • The answer to the buy or rent question depends largely on your needs, finances and long term goals. The advantages of both should be considered before making any decisions.

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