In the world we live in today, investing in real estate has proven to be the real deal and a very rewarding business. Most of the business moguls today are involved in real estate and they’ve confirmed it to be one of the best businesses in the 21st century.
At one point in our lives, we’ll need to make the big decision of either buying a house or renting one. Personally, there is no bad or right way to live in a house, whether you decide to buy one or rent instead, it depends on personal preferences.
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Whether you’re looking to buy a house, move out of your parents’ apartment or change your environment. The decision of whether to buy or rent a home is very important and it depends on a lot of things.
Here are some of the things to consider before you make the decision of buying or renting a house
To avoid being stranded or stuck, there are lots of things to consider before you make the decision of renting or buying a house.
Finances
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This is one of the most (if not the most) important factors to consider before you rent or buy a house. You don’t just jump to buy a house when you have the money to. Before you do, ask yourself this important question; are you financially ready to buy a house? Even if you have the money to buy the house, what about repairs, insurance, maintenance, and some other costs?
Your lifestyle
Are you the kind of person that likes freedom? Are you the kind of person that loves to repaint the walls whenever you feel like it? Do you like owning control over everything about the house? Then renting is not a better option for you. You might want to paint the walls green, while the homeowner/ landlord wants them to remain white.
Your job
The type of work you do can greatly affect the decision of either buying a house or renting. If your work keeps changing your location, then renting is a smarter option. You don’t want to buy a house, then after a month, you leave for another location.
Imagine someone working as a personal trainer or a police officer. Yes, I think a police officer is a better example. They get transferred from one place to another. For this kind of people, it is better they rent a house instead of buying.
Which do I prefer?
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As I said earlier, there is no bad way to live in a house and that it depends on your choice. Personally, I think buying a house is better than renting one.
Growing up, I lived comfortably in my parents’ apartment, but when I gained admission into the university (in a place that was very far from where my parents lived) I had to rent an apartment, although it was not entirely bad, but it was not as comfortable as living in my own apartment, especially when you have a sassy landlord.
Why do I prefer buying a house to renting one/ why is buying a house better than renting one?
Freedom
One of the main reasons why I prefer buying a house to renting one is because I get to do whatever I like without criticism from the homeowner/landlord or any other person. Buying an apartment gives you the freedom to make decisions without anyone getting in your way.
The first time I rented a house, I didn’t like the color of the walls (it was very awkward and I wanted to do some remodeling, but the landlord was bent on the fact that he likes the house that way, so I had to manage for about 6 months before moving out to rent another apartment.
Buying a house is cheaper than renting
When you rent a house, you pay monthly (or yearly, depending on the negotiations with the landlord) Here in my country, especially in some certain cities like Lagos and Abuja (the capital of Nigeria), and Portharcourt, it is wiser and cheaper to buy a house instead of renting one. In these aforementioned cities, if you’re financially capable of buying a house, it is best you go for it.
Stability
When you rent a house, you have little or no power over it, you don’t get to decide how long you stay there. You might have moved in completely and set up everything when your landlord comes in and tells you to pack out in the next two months. In this instance, there is nothing you can do about it. You or your children might have gotten accustomed to that environment or even made lots of friends, but because you don’t own that property and you don’t have any power over it, you’ll have to move out to another environment.
However, such is not the case when you buy a house. It becomes your permanent property, you have the power to do anything there without criticism from anyone. Also, you and your family will make good memories and spend a long-lasting time there.
In conclusion,
The decision of buying a house or renting is a very vital one, which is why you need to think well before you do it, and consider the aforementioned factors; your work, your lifestyle, finances, and budget. To avoid being on the wrong side, it is better to analyze things well. As I said earlier, there’s no bad way to live in a house, it depends on one’s choice. Do the one that fits you best.
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In All Even after spending Money in Building a house the house is yours but the problem sometimes is no money at ground for the house.
Thanks for sharing 🌹
Ha... I thought your advertising subtlely for some real estate...because, this is just the kind of article you can write to subtly advertise real eatate company...
its the old formula of you know...sfliate marketing i think...
well written article...
as for renting or buying...
I think you should take your time before buying your home, as its permanent investment...
In India, people on rent have restrictions on which visitors they can bring home and all... and bachulars and worst spinters are mostly turned down coz its a conservative society...
Even so times have changed, and well earning induviduals can rent a house according to their preferences and get some freedom, not sure about the painting part though...
even if its at rent, I need a nice balcony and green surroundings because my cats also enjoy balcony...
Nice write up!!