Renting an apartment vs. purchasing your own house both have their benefits. If you are reading this article to find a straight answer on which is better, you will not get it because there is no plain answer, just like there is no one size that fits all. Everyone has unique desires that require special solutions. But, your wishes and desires fall under broad categories. Therefore, the more you dig into your inner psyche, the more sure you become of your requirements. Continue reading this article to learn practical tips to help you choose between renting and owning a house.
The Choice Of Freedom: In the book Rich Dad Poor Dad, author Robert Kiyosaki describes the difference between liability and asset at length. You might think your house is an asset, but it can also be a liability to you if you do not know how to use your house to make a profit. A huge sum is invested in your house as a down payment; this money could be better utilized in your business to help you grow.
- The word freedom bears different connotations to different people. Someone wants freedom from paying monthly rent, so they purchase their house. While on the other hand, one may desire financial independence and freedom of location. When you rent a flat, you are free to move around. If your job forces you to relocate next month, you can easily pack up your bags and rent somewhere else. But, buying a house roots you in one place, and you do not enjoy the flexibility you otherwise would.
- Renting a house allows you to choose your location. For example, renting is the best option if you want to live in the heart of the city. Not every people can buy their own place in the middle of a busy city. Therefore, one may check out https://wanbridge.com/tx/dallas/ to find out different renting options. When it comes to buying a house, most people prefer the suburbs as the price is comparatively more affordable in the suburbs.
The Age Difference: When you are in your twenties, you want to explore and see what the world has to offer. But, as you grow older, you want to settle down in one corner of the world. You want to find that perfect place you can call home. Your home becomes your sanctuary.
- Do not purchase a house in your twenties. Instead, use the money in better ways. You may invest the money in your business or use it as blanket money.
- Once you are in your mid-thirties and have to save quite a sum, it is time to look for a house that you can call forever home.
Family: You are most probably living the good life in your twenties. Party, fun, and hanging out with friends are big deals in your twenties. So, you want a hip bachelor’s pad in your twenties. Find a reasonable renting option and enjoy life to the fullest. But, once you get married and decide to start a family, you may consider purchasing your own place.