Many are times people argue about what is cheaper, buying or renting a house. The argument is never ending since each party has their own reasons. However, there are a few factors we are going to look at since they differ from one country to another. There is a huge difference from one country to another in terms of the cost of housing, density, and availability. After drawing all the facts we will give a general conclusion of our survey.
Results from Twitter and Facebook Polls
In a period of 2 weeks, we posted a poll on our Facebook and Twitter pages and we got totally 2 different results.
Results from Twitter
Results from Facebook
This is just something that was interesting to see. We then came to a conclusion that since our audience is from different countries, then it explains the difference in peoples opinions. We are going to dive into detail what brings about these differences.
Considerations one would have made:
- Length of your stay
The length of your stay in any area is of great importance when you are weighing wether you should rent or buy. An example will be if you are assigned to go work in a certain country for a limited amount of time, then probably renting would not be questionable. However if you are assigned for 3 years or more, then looking for a house to purchase might save you a fortune, but it all depends with the country.
- The availability of rental properties of the type you want.
If you’re single and just need a one-bedroom apartment or condominium, then you’ll typically find a lot of supply of such homes either to rent or to buy, especially in major urban markets. However, families looking for larger homes often discover that the supply of potential rentals is quite limited. That makes home ownership more of a necessity than a financial option.
- Mortgage availability
In some countries, when searching for a house to buy, most families will discover that they dont have access to the financing to purchase their dream home, and at times they end up resorting to renting instead, therefore they end up viewing renting as a cheaper way than buying the house.
- Renting might be a way of buying time
In our encounter with alot of people and asking them on their thoughts on renting VS buying, we noticed some similarities in Africa. Most couples prefer renting just after getting married and then start building their own dream home afterwards. This means renting will be temporary until they have their own space.
- Your desire to make changes and improvements.
With rentals, what you see is what you get — and often, landlords will be reluctant to let you make dramatic modifications to the property, even if you pay for them and commit to returning the home to its original condition if you leave. Homeowners have full latitude to make whatever changes they want, and that’s often a key factor in quality of life for many homeowners
Since everyone will have different situations that will lead them into a decision that they will rent rather than buy or vice versa, it might be difficult to give a straight conclusion whether one should consider buying or renting. One country differs from another and every aspect changes again and so the argument goes on and on. If one has access to a house mortgage then they should consider buying a house.
Why pay the landlord’s mortgage when you can pay your own
We couldn’t agree more with this statement if you have access to a mortgage. We look forward to providing solutions also in this aspect.
We would like your feedback from what ever country you are based. Is it cheaper renting or buying? A justification also would go a long way. Let us know in the comments!