When you buy a home, you will be stuck to that location for the rest of your life, assuming that you will be living in it. Even if you did move out to a different apartment or house in order to pursue a new job or just see what other cities have to offer, you will end up having to pay for a property while also paying for rent, on top of utilities, groceries, and other monthly expenses that you have.
1. You limit yourself in terms of the types of jobs that are available to you, all because of location
For any job, location is a huge factor as to whether or not you will be a good fit. While anybody can brave the traffic and drive to a work office that might be an hour (or two, or three) away, that does not exactly mean it is the wisest thing to do, especially if they will then have to drive another hour (or two, or three) back home. Put all together, that is six hours of your life, gone to simply commuting or driving to work, which you could have used to do something more productive instead, or even to just relax and recharge from a hard day’s work at the office. Now, if you were to repeat the same schedule every day, that would add up to at least 30 hours each week wasted waiting in traffic.
Now, multiply that by a month, and you will see just how much time you could have saved by either getting a job closer to where you live, or packing your bags and moving someplace closer to work instead. If you are stuck paying for a home, you cannot have this kind of flexibility, which could mean that you lose out on amazing opportunities in certain cities that you could have had if you were allowed to just get up, pack all of your belongings, and leave at any time you desire (according to your contract with your landlord, that is.)
2. Your house might not be worth as much as you thought it would be down the line
Just because you bought a house for a certain amount does not mean it will sell for the same value later on, in case you decide that you need to sell the house. According to an article written by Kelly Philips Erb on Forbes, the perceived increase in price for most homes over several years is actually just inflation at work. That means that the numeric value of the dollar amount might increase, but its actual worth would most likely just be the same as when you first bought the property. That does not really work out to be a very wise investment, when you look at it that way.
At the same time, the housing market is incredibly unpredictable. Prices may be high one day, and then plummet to all-time lows on the next day. Your house will need constant care and maintenance to keep its value high, too. After all, who would want to buy a property that was already breaking down due to old age?
If you would rather not have to deal with all of this hassle and headache, consider leasing a place instead. In most cases, if something were to break down inside your home, your landlord will take care of all the repairs necessary, and will be the one to foot the bill, both for the cost of the service as well as the materials required. That is a huge load off of your shoulders that you would otherwise have to bear yourself if you had bought a piece of property instead. You could start your search by looking through PropertyGuru Malaysia for an apartment or house for rent.
3. You will not have to worry as much about keeping your house up to par with others
Many people like to say that they want to own a house so that they can have a yard of their own. But according to an article on The Huffington Post, you might end up getting into more trouble that it will be worth. You will have to mow the lawn every single time it starts to grow too much. You will have to learn how to take care of a garden, and you will have to go through the often excruciating process of eliminating pests that could ruin your plants. If a piece of your patio furniture breaks down, then you will have to replace it or repair it, depending on your circumstances and how good you are at doing things yourself.
If you were to rent instead, then your landlord would take care of all of that for you. You would have a very nicely maintained place to live, and all you would have to do is enjoy what you have, without worrying about having to do some more work just to keep it in shape.
4. You can move out in case you decide to start a family and need a bigger place to live in
Because of the excitement of having a place to call their own, some single adults put down a payment to purchase a studio unit, or a place with one bedroom. While that may be a wise financial decision for some, it might not be for others. Still, being able to proudly say that you completely paid for a place of your own can be a bragging right for a lot of people.
However, all of that changes the moment that you decide to have a family. It is hard to bring up a child in an incredibly tiny space, not to mention a bit unfair to said child to have to live in a cramped space. What will you do with a tiny space if you bought it already? You could rent it out, but you might have trouble doing so while also juggling the responsibilities of work and parenthood. Instead, the wiser decision would be to rent a place, and then have the freedom to rent a bigger place should you ever decide to start a family in the future. It will be a lot less stressful.
Ultimately, renting has its own set of benefits, and it is up to you to decide if it is a good decision for you or not
With these reasons, it is hard to deny that renting can come with its own set of advantages, too. While the decision really depends upon one’s living situation as well as how much money they can afford to spend, leasing definitely can be a good option for those who find that cash is hard to come by, or for those who are not yet entirely sure what they want to get out of their lives. Keep these advantages in mind the next time you have to decide between buying or renting a property. You might be surprised at just how much better the former option may be for you not just in the short-term, but in the long-term as well. Just make sure that you make a decision for yourself, and not just because somebody told you to.