In recent times, residents in various countries opt to rent instead of buying a house. Renting a home comes with advantages, such as freedom, no maintenance, and little upfront investment, and disadvantages, like no retirement savings and lack of stability.
On the one hand, renting an apartment to live has a number of benefits. Firstly, renters have no long term obligations towards their rented property. This gives them the freedom to move and relocate to different cities or even nations; without requiring long term commitments. Secondly, landlords are responsible to maintain and upkeep their properties. Therefore, individual, who is living there on the rent, can call the owner when something is broken or requires maintenance work. Finally, a significant amount of money, when purchasing a home, is required by banks as a down-payment for a home loan. This money can be used for more experiential things; for instance, travelling or securing an advanced degree.
While, on the other hand, becoming a homeowner is advantageous in its own unique way. Mainly, if someone chooses to rent for their entire life, then they forgo the opportunity to invest in their retirement savings. Most retirees, as an example, have a considerable portion of their savings invested in home equity. Thus, people who do not have home equity built up struggle to make ends meet later in their life. Additionally, one of the luxuries of home ownership is peace of mind due to stability. Because homeowners do not have to vacate their homes unless they want to, they can make long term plans for their families' future. For these reasons, owning a home is a dream for many middle-income families.
In conclusion, renting a condo, could be beneficial to younger demographics who like to travel and has not saved enough money to purchase a home; while, owning a home is suitable for people who wants to start their families and settled down in one place.
In recent times, residents in various countries opt to rent
instead
of buying a
house
. Renting a home
comes
with advantages, such as freedom, no maintenance, and
little
upfront investment, and disadvantages, like no retirement savings and lack of stability.
On the one hand, renting an apartment to
live
has a number of benefits.
Firstly
, renters have no long term obligations towards their rented property. This gives them the freedom to
move
and relocate to
different
cities or even nations; without requiring long term commitments.
Secondly
, landlords are responsible to maintain and upkeep their properties.
Therefore
, individual,
who
is living there on the rent, can call the owner when something
is broken
or requires maintenance work.
Finally
, a significant amount of money, when purchasing a home,
is required
by banks as a down-payment for a home loan. This money can be
used
for more experiential things;
for instance
, travelling or securing an advanced degree.
While,
on the other hand
, becoming a homeowner is advantageous in its
own
unique way.
Mainly
, if someone chooses to rent for their entire life, then they forgo the opportunity to invest in their retirement savings. Most retirees, as an example, have a considerable portion of their savings invested in home equity.
Thus
,
people
who
do not have home equity built up struggle to
make
ends
meet
later in their life.
Additionally
, one of the luxuries of home ownership is peace of mind due to stability.
Because
homeowners do not
have to
vacate their
homes
unless they want to, they can
make
long term plans for their families' future. For these reasons, owning a home is a dream for
many
middle-income families.
In conclusion
, renting a condo, could be beneficial to younger demographics
who
like to travel and has not saved
enough
money to
purchase
a home; while, owning a home is suitable for
people
who
wants
to
start
their families and settled down in one place.