It has always been difficult to decide whether to rent or buy, the answer is to assess the current situation and investigate the positive and negative aspects!
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Everyone has their own opinion on this, although there is no definitive answer, all the arguments have both sides. The wiser thing would be doing a research, getting the best information and making a decision about the best option and if it suits the needs of the moment.
Positive Aspects of Renting
Low Maintenance
When you own a property, the responsibilities, maintenance and local repairs are on you. However, when renting, you don’t have to worry so much about it, if there is something to repair or modify you should contact the owner to fix the situation. It is your responsibility to give correct use to the property things though. For this, it’s important that everything is stipulated in the lease to avoid unexpected surprises if something goes wrong and is out of control. Homeowners may sometimes add a special clause on who bears the repair costs.
Mobility
It’s easier to move when renting a property, while homeowners need to worry about selling before moving, and depending on the market, which can take a while.
Low Cost Short-Term
Rental prices, especially for small and low-tier properties, are often much lower than those for a mortgage. Leasing can mean savings at the end of the year, considering that when you are a homeowner there are many expenses in mortgage loans, interest, taxes, insurance and others associated with it.
No More Remodeling
Generally when renting it is not allowed to Paint or make any big changes. Some tenants are more permissive and may approve certain improvements to their property, but nothing may be received in return.
Pay for Someone Else’s Debts
Renting means you’re financing someone else’s investment. That is to say that you would be paying another person’s mortgage and property taxes, instead of paying your own. Even if some major improvements are made to the property, unless it is stipulated in the leasing contract, the benefit will be for the owner and not for the tenant, because even if it is discounted from the rent, the improvement will always remain in the movable property, that can even serve as an excuse to charge more for that property.
Uncertainty
Being the owner of a property is ensuring a home, either for the value it represents or the fact that of having a place to live if something ever happens. Meanwhile, renting is being at the mercy of the property owner, although there are many clauses in the lease that protect both parties in some way, there is no security for the tenant.
In conclusion, for those people with many debts or who go through many changes in their lives such as: marriages, new babies, or migration, taking responsibility for owning a property is something that should be thought through.
