In order for a person to live a normal life, he or she has to have somewhere to live. If we look at the housing market, we can find plenty of people who desperately want to buy a home despite earning rather modest wages. Interestingly, we can also see a lot of very wealthy people renting a place despite having considerable savings in their bank.
Renting a place certainly has some clear advantages. Firstly, before being able to buy a house or an apartment, people usually have to be extremely thrifty and save as much money as they can for a sizeable down payment which is normally compulsory in a purchase. This normally leaves them with very little disposable income. Renting a place a place can save people from this trouble. Secondly, when people plan to or have to relocate to a different city or a different country for reasons to do with their job, family or lifestyle, renting a place offers them much more flexibility than owning a place because renting means it is much easier for them to make the move.
However, the benefits brought by buying a place must not be overlooked. To begin with, buying and owning a place saves people the hassle of having to deal with landlords who are generally better at demanding rent rises than fixing things for tenants. Then, buying a home can be very good investment. When the market goes up, a property can bring significant financial returns when sold. Last but not least, nothing beats the feeling of actually owing a home and the sense of security and belonging that comes with it. It helps people to feel settled and gives them peace of mind in this competitive and sometimes cruel world.
Personally, I really value not having to deal with a potential nasty landlord, so I definitely believe that buying a place brings more advantages than renting a place. However, it is important to point out that whether it is better to buy or rent really depends on an individual’s personal needs and financial circumstances which can vary greatly from person to person.