The advantages of buying a house
-Personal property:
Buying a home is a major investment with value over time. With the repayment of the loan, the house belongs to you. It is your personal property, and you can transfer it to your children, making their lives easier. Also, and much significantly, a privately owned home can be a source of income if you rent or resell it.
-Freedom:
Owning property allows freedom of actions and independence. You do not need to compromise. You can design and decorate spaces exactly the way you want or need, without anyone's permission. This is especially important now, as decoration trends and technology provide a plethora of options, financial selections, and styles that can be perfectly combined with your personality and needs.
-Stability:
You have your own base, forever, and this does not change. Because of that, you can plan your daily life and future with more security and confidence.
The advantages of renting
-Flexibility:
You can rent another house or move to another area whenever you want, if it suits your lifestyle. There is nothing tying you down and you have the freedom to move accordingly.
-Less expenses:
You do not have to deal with the stress of repaying a mortgage or pay property taxes, whilst the house’s maintenance costs are not shouldered exclusively by you.
-Home quality:
Renting also usually provides the opportunity to live in a house or an area where buying would require a much higher loan installment or overall investment.
-Freedom:
The feeling that you can even entirely change your life at any given time, without being tethered to a house.
Ultimately, your needs, your financial ability, your lifestyle and your personality will resolve the dilemma.
Before you make your mind up, thoroughly review your finances, consider the possibilities, find out about the available mortgage loans, and plan accordingly.
More importantly, consult a professional, make an appointment with the bank to learn about your options, consider your needs, desires, and dreams, look at your budget realistically and move forward.