CAREER + MONEY

SHOULD I BUY OR RENT A HOUSE?

Which one is the best for you?

22.08.2021
BY HANUM FAUZIA
SHARE THE STORY

Some time ago, there was a finance influencer who shared her view’s about renting a house.  Her posting turned out to receive a lot of feedback from netizens. Renting a house is indeed very close with millennials’ life style today. They prefer to rent in the long term rather than buy a house. But why? You can see the answer here

Yes, owning a home isn’t always better than renting, and renting is not always as simple as it seems. So, we want to start with what will you get if you are renting a house/apartment.


Renting offers flexibility

One of the benefits of renting a house is that there are no maintenance costs or repair bills. This means that when you rent a property, your landlord assumes full responsibility for all maintenance, improvement, and repairs. If an appliance stops working or your roof starts to leak, you can see the maintenance team, who is ready to fix or replace it.

 

Photo Courtesy of Max Vakhtbovych


But your landlord can increase the rent at any time

As a renter, you face unpredictable rent increases each time your lease is up for renewal (unless your apartment is rent-controlled). If you live in a desirable part of town, rent increases can be steep. In contrast, if you get a fixed-rate mortgage, your monthly house payments will never increase (though property taxes and insurance premiums probably will).


How about buying a house?


You'll have living security

If you're renting a house, your family's stability is based on the decisions of a landlord, who may suddenly decide they no longer want to rent their property out. Moving a house is expensive, inconvenient, and pretty emotional, especially if you have to shift unexpectedly. When you own your a house, you can sleep sound in the knowledge that you call the shots. That's priceless.

 

Photo Courtesy of Kindel Media


But it will be a new problem when you get a mutation

While people don’t stay at the same company for 30 years and retire anymore, you need to have a job for more than 6 months – or a series of jobs that only last 6 months each. You may miss a mortgage payment now and then (experienced homeowners make sure that number stays at zero), but being unemployed or underemployed relative to your mortgage payment is a short road to foreclosure. It seems to be common sense that losing your home defeats the whole point of buying a home in the first place.

Finally, which team are you on? Whether the pros and cons, we think that buying a property is should do in your future. But don't rush if you are not really ready—steady your heart. Don’t buy a house because you accept all the people questioning why you don’t have your own at your age. It’s a big no-no. It would help if you did these checklists before doing mortgage:

  • Duration of stay
  • Job security
  • Down payment
  • Emotional state
  • Local market indicators
  • Mortgage rates
  • Supply and demand

Make your own choice!

 

 

 

 

#THE S MEDIA #Media Milenial #rent a house #buying a house

LATEST NEWS








































RELATED POSTS

HANUM FAUZIA | 15.07.2021

5 WAYS TO CREATE WORK SAFETY HUMOR

MAXWELL SOETOMO | 14.12.2021

SWITCHING GEARS TO SUCCESSFUL SECOND CAREERS

MAXWELL SOETOMO | 10.12.2021

BE YOUR OWN BOSS WITH SELF-EMPLOYMENT