Last Updated on Apr 8, 2020 by James W
In today’s society, security is something that comes with time. While we are children, we know that our parents are the ones to make sure everything is fine. As time goes by and we enter adulthood, things change a bit – and we see ourselves in the situation of renting a place to stay (because of going abroad to study or moving in with someone). The choice of renting is rather appealing at first – we would love to stay somewhere, but we already know that the prices for houses are much higher than expected. If we are not married yet, there is no reason why to buy something on your own, since it is extremely expensive – and most people are afraid of linking themselves with a credit for all of their lives. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to see whether you should rent or own something!
- Economic Crises
As we have seen throughout history, the period after economic crises is the best when to buy a property. The reason for that matter is that the market goes down, as well as the prices. To be quite honest, you might find the prices going down, since the demand is smaller than ever. People do not have the same amount of money to rent, reason why you will find yourself having to pay less than expected. Still, this is the best moment not to rent though – but to buy. Even though the price may be higher than what you have previously planned, it is way better to make some debts now for the seek of a brighter future.
- Money Devalue Themselves
As time goes by, money do not have the same value as before. This is the main reason why nowadays we can clearly see that a house that was $100,000 some years ago now is up to $450,000. Taking this idea into consideration, we can clearly see how much things have changed so far. On the other hand, the salaries have also grown, so the parity is quite the same. Still, if it were to choose between the two, buying and owning would make the choice.
- The Ratio is Quite the Same
Economically speaking, it is better to own than to rent. Still, in today’s society, the advantages are quite the same. Just think of the idea that when you rent something, you can choose to see various places before deciding to buy something. The choice is up to you, yet the best way to know if a place is best suitable for you is to try it – and renting something around the area might just do the trick for you, so that you will not feel bad because of the choice you have made in the first place. All in all, the best strategy is this – rent various places (one at a time) during the first two years and afterwards make the purchase of your dreams. By this way, neither your preferences nor your budget is disturbed.
- Think in the Long Run
If you plan to buy a home as to turn into an investment, you already know the answer to your question. Still, if you aim just to stay around the country or the area for one to two years, it is better to rent – and get rid of the idea that you will be hanging around with a credit for up to 30 years. As previously mentioned, in case you aim high and you are decided that this is the right place for you, just keep count and be prepared to choose the house of your dreams – whom to buy. Before you know it, time passes and you realise that there are a lot of years that have passed and you will be closer than ever to finish your credit. It is up to you which choice you make – yet the best idea is to do the one that suits you best – whether an investment or just a place where to stay a period of time.
- Enjoy Your Stay
Another criterion upon you can make the choice between renting or owning is to look for both and find the house that you like most. It is needless to say that if you, for instance, find a place for rent that you absolutely adore, you will take that – and pay a monthly rent on it. On the other hand, if you see a house for sell and you feel like you would be extremely happy and excited to be there, you have again made your choice. Trust me, it is one of the best choices to look for both and go where your heart and intuition take you.