The prices for real estate properties are starting to get lower, thanks to the huge number of millennials who are to hail (or to blame, depending on whether you’re buying or selling) for it. For this reason, we are seeing an increase on the number of people who are having hesitations about getting a place of their own.
This debate on whether renting is better than buying or vice versa has long been standing and we are yet to see who really wins. But for now, we present you each side with arguments that are timely and perfect for the millennials.
RENTING A PLACE
First, let’s look at the pros of renting. When you consider the here and now, majority of the Gen Y-ers cannot afford to pay the 20% deposit that is required for buying a home. Add to that the maintenance cost that is ongoing and the thought of being a homeowner seems to be more impossible by the minute. Renting is by far more affordable for them.
Aside from that, renting can offer flexibility that cannot be matched by homeownership. One example is that renting doesn’t require you to live in one area for more than what is in your contract, which is usually about a year. Buying a property means you have to live in one place until you grow old – or at least until you decide you really can’t stand the neighbourhood and you need to leave. Millennials are known for their wanderlust and need for constant change. Naturally, renting is the more sensible option.
BUYING A HOUSE
Now the reasons why you should consider buying a house is more traditional. A lot of people still prefer the idea that what they are paying for, what they are working hard for is actually theirs. Those who are entering the age of 30 like the maturity that getting your own place seems to bring. In fact, for most young professional couples, it is more common to save up for a property down payment than a lavish wedding.
Another point for buying a house is the fact that once you move in, you have total control of your living arrangements. No landlords and landladies to get in the way of your home improvement projects.
Trends may still change in the coming years, especially since a lot of the millennials are climbing their way to the top of major industries, and therefore becoming more secure of their finances. The debate will still continue though, as there are still countless of this generation who are quite financially incapable of a home purchase. Now whether you choose to rent or to buy, what is important is that the property you find meets all your necessities and requirements.