If you’re getting a good pay cheque, why not buy a house, which is a long-term investment compared to renting a flat.
It has crossed my mind that we’re always in a rush to move out of our parents’ homes and being young, I can relate to the reasoning of wanting your own space without being dictated to. However, I came to witness that independency comes with a price and I think it’s time we start rational and realistic decisions before we rush to move out of home.
Moving closer to work has been a motivating factor for a lot of young people to move out of home, as it saves on travelling costs and time. However, many of my peers have looked into renting to buy rather than buying houses instantaneously. There are a lot of advantages of buying a house because it’s a long term investment and allows you to add value whenever you’re considering to sell it.
Buying a house allows you to come in and out as you wish, decorate your own space according to your taste and design, with the security of owning the property. The only disadvantage to being a home owner is security of the location you settle into, as any costs due to break-ins fall solely on you to cover. Renting has a lot of restrictions as you’re not the owner of the property, while the only advantage that comes with it is security.
Therefore, I have found that it is better to buy a house than renting out a flat.