We all want a place we can call our own and we work hard to make sure that we have that. Most people think of renting as a place to start with the ultimate goal being to own their very own home. There is a sense of accomplishment and security when we own the home rather than when we are renting a house from someone else, no matter how wonderful it may be.
Depending on the kind of person you are, you may prefer renting rather than buying or vice versa. So, we are going to take an objective look at both options and then you can make the best choice for your needs and your budget.
Ease of access
There is no such thing as buying a house easily. It is in all honesty hard; requiring more commitment than one would need for renting a home. You will need the commitment to stick with the home pre and post-purchase unlike with renting where you can always change your mind and move to another house if you no longer like it.
It goes without saying that buying a home is much more expensive and especially now that home prices in Singapore have been on the rise in the past few years. Just getting the initial down payment can take several years but once you get it, you will be well on your way to owning your own home, right?
On the other hand, renting a home does not require much money so you can have a roof over your head in a very short amount of time.
The ease with renting is that all the overhead costs of maintenance, repair, agents and insurance fees are covered by the home or building owner. There are also mortgage costs to cover should you decide to become a homeowner.
It goes without saying that renting a home does not provide for an investment opportunity. Buying a home is a great investment and overall, rent is always higher than the cost of buying a home even with the current fluctuation of prices. So, if you are thinking long term investment, buying a home is the way to go. If you want to remain a little flexible on that end, then rent.
The choice on whether to buy or rent is ultimately based on where you are financially at the moment and what needs and goals you have for your future and when you would like to achieve them.
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