Weighing your options: Should you buy or rent?

There has been an ongoing debate on whether it is financially beneficial to purchase or rent a home. However, other than being financially able to purchase a home, there are also pros and cons when it comes to owning a house of your own. Some believe that renting is more advantageous economically, while from another standpoint, buying a house offers greater value for money. There is no right or wrong as it all boils down to living within your means. Whatever your decision is, here are some reasons you might want to purchase a house instead of renting.

Owning the place

It goes without saying that when you purchase a house, it is yours. It belongs to you. The most common reason you may decide to purchase a house instead of renting is that, when renting a place to stay, the amount of money you have to part with is still of a significant amount. Yet, despite forking out a large sum of money monthly, the house does not belong to you. So, with that train of thought, since you have to pay that same amount of money, why not for something that you own instead of lining someone else’s pocket?

Value appreciation

Unlike many other material things, a house usually goes up in value instead of depreciating over time. If you take a mortgage with a good interest rate, even when the Base Lending Rate (BLR) fluctuates a little, it will still be a good bargain as the inflation rate for your mortgage is not as drastic compared to other things due to stringent controls by Bank Negara. On top of that, with its value constantly appreciating at whatever rate, at any time you are strapped for cash, there is always an option to sell or remortgage your house.

Customizing your space

A house is more than just a property. It is a home to come back to, a home to raise a family. However, a home is a place where you are most relaxed, and of course you would like to customize it the way you like it. This can only be done if the house belongs to you. You can renovate your house to be the home of your dreams, whether to break that wall to make more space or to redo your bathroom to reflect your quirky tastes.

Security and peace of mind

When renting a place, there will always be this nagging fear of being kicked out of your home. Your landlord might decide to serve you an unexpected eviction notice, or increase the rent. If it is a home of your own, you won’t have to worry about this and can rest well knowing that you are safe and secure in the comfort of your own home.

Emotional factor

Sometimes, it is all about fulfilling the dream. Nothing beats the elation of finally receiving the keys to your new home. There is a sense of accomplishment of finally owning a home of your own, and to be able to provide for your family.

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