In today’s day and age, property is still the focus of many a person’s pursuit. However, it is an unfortunate fact of life that many of us are not able to fully afford to purchase our own piece of real estate paradise. However, there are now more options for those are looking to for a place to call their own (if at least, temporarily).
Renting has long been one option that one could take. However, there has always been a debate of what would be the wiser choice: renting or buying. This is what we will be looking into today.
Renting has always been an agreeable alternative for those who do not have the capital to obtain their own permanent property. What makes renting good is that the capital needed can be about a fifth of the actual cost of the property.
If the one renting the home or commercial property ever decided they wanted a change of location, it was easy to pack up and leave. In terms of availability, there are so many locations that have real estate for rent.
However, over time the issue was that you were spending a lot of money for a place that was not yours. Also, not every place that is available for rent could be personalized as the owners may have strict rules about that.
The strongest argument for buying property is that it is 100% yours. It is something that you can pass on to your descendants. If the property is commercial—and it is in the sweet spot—it can generate you income for years to come.
The trouble with buying property is that options can be quite limited to what you are able to spend. Buyer’s market is always quite unforgiving in terms of the value and what they expect to be paid for it. Depending on your spending power, you might be looking at some pieces of property that aren’t worth the land they’re on.
Real Estate is always a tricky topic to broach. It all comes down to two things: capital and preference. Which one would you choose: renting or buying?