In recent years, housing has become a topic of public concern.It is the preference of some to possess their own property in which they live in, others like the idea of renting a place more. There exist strong arguments from both sides and this essay aim to discuss both.
One of the main advantages of renting a property is that it offers a reasonable financial option for tenants who are not rich enough to buy a house. Buying a house can cost upward tens of thousands of dollars, tying up a huge amount of capital. If the house is on a mortgage, the initial deposit can be quite big and the monthly payments can cause a lot of pressure on the finances of homeowners. Renting is cheaper and it is also the only chance to stay near the city center in large metropolises. Furthermore, it is easier and more flexible for tenants to change where they live due to several reasons such as finding a new job in a different city or wanting to change their living environment. Whereas with a house it takes a lot of time to put a house up for sale, find a new owner for it, and also look for a suitable place to buy next. A bad market could result in not being able to sell the house or selling it at a considerable loss.
Owning a property does have many advantages, though. Namely, the house is owned by themselves and is their own capital, the price of which can go up and be used as an investment. Whereas with renting, you have to pay rent every month, that money is lost to the landlord at the end of your renting term. Moreover, owning a house can be more comfortable for people living inside, with the ability to tweak and modify it to their liking. Owning the property also creates a sense of self-actualization and accomplishment.
In my opinion, the decision on whether to own or rent depends on each individual’s ability. From my own perspective, it is much more preferable to own a property due to its long-term investment for the owners.