WHICH IS RIGHT FOR YOU: TO BUY VS TO RENT?
Owning a house is one of the most common financial goals in people’s life. Because it might give you stability, control, equity, and success. The sense of stability and consistency is important to feel secure and content. On the other side, buying a house is a pretty big financial commitment for an average income person. Paying the monthly mortgage can be a burden. If you cannot pay your mortgage/monthly payment, you could end up having your property repossessed, and lose your home. If you don’t like a commitment, you cannot just give it all up and move elsewhere.
If you can afford to purchase a house, these are the advantages to buy a house:
Freedom and Security
- No more moving out!! It’s your home. You don’t have to move out at short notice.
- You can re-decorate and change it as you wish. It reflects your style. Also, it gives you a sense of control and empowerment. There is a saying in Turkish, the wall that you want to drive a nail into must be yours.
- Buying enables you to gain the benefits of the improvements. By the time, the value of the house might increase.
- You don’t have to deal with a landlord who pushes up rents, bans pets, etc.
- Owning a house has social and psychological benefits, too. On some level, it’s associated with a feeling of success and happiness. Homeowner survey indicates 91% of homeowners feel their home contributes to a positive sense of well-being as compared with 79% of renters.
- Your house also shows your personal values.
- You might have long-term neighbors and friendships.
You Can Make Money!
- You might get an increase in property values in a rising property market. You might earn money from the rising value of your property.
- You are investing rather than spending, instead of paying rent.
- If you live elsewhere for a while, you can make money renting it out.
- Your home can be your life savings and pension plan all in one.