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HeyAnna
Boss
administrators Young adults: Are you for owning vs renting a house? Let's discuss!Hi fellow young adults! Rent or buy? The decision is an eternal real estate debate and it's made more complex as both have robust advantages and disadvantages.
Had an interesting chat with my friends over the weekend regarding the matter post announcement of the property cooling measures and i'd like to know what your thoughts are!
Are you team buy or team rent, and why? Make your case by 27th Dec and you might just get a lil' voucher!
Here's a guide we have to renting or buying your first home: Click here!
Replies
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Owning is the way to go, if you're staying in the country long enough to ride out property cycles (and in a low interest rate environment).
Keeps you from having to deal with uncertainty, when landlords increase rent just as you get comfortable in the home
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OWNING! You buy a house and rent it out or a part of it. With the rental income, pay for your installments. Now, the money that you would have paid on installments, would go towards your rent if you rent out the whole house. This way, although you may not be having a positive cashflow, you are building EQUITY. Although rent prices are rising, raise your home's rent price as well albeit it is unethical.
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Owning for sure. When you rent, the money is never going to come back. Unless there are some special reasons for wanting to move out of your childhood home (e.g. bad relations with family, moving abroad, etc), renting is always a bad idea. The money can be put to better use (investments, for example) while saving up for a home to buy and call your own.
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Team Rent. This is because your finances may not be stable enough to purchase a house. Also, you have to ask what’s the objective? Are you looking to be independent or looking for a new asset to invest? Renting allows me to enjoy different neighbourhoods each time my lease expires! I would not spend more than 20% of my salary on rent as a rule of thumb
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Definitely pro-owning! Wouldn’t want to help pay someone else’s mortgage when I can pay for mine! You don’t own the property when you rent and you might get asked to leave or the landlord might raise the rental. Too much uncertainty!
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Owning! Seems like a longer term investment despite the price. At least it’s monthly instalment and at the end of a couple of years, you get a house of your own.
