Stop and think – comparison of living in rentals to ownership
There is no simple answer when we ask what is better. People are various and thus reflects in their lifestyles. In many countries, it is rather common to move for work. Therefore, many people live in rentals, in flats, houses they do not own and feel the ownership. They may go whenever they need; organisation of such moving is not that difficult; to move where you want or need to. Such situation is reflected in low share of owned dwellings. There are many reasons for that. One of them is price, indeed; people want to live at places they do like. They do not want to live at places they must live, because of economic reasons. The life is not that long to spend it somewhere you do not want to be. So the convenience of the living shall be important factor in reasoning for us.
Imagine you live in huge blocks of flats built in the first half of the 20s of the 20th century by Communists, just because it was the only flat you could actually afford to buy. The question needs to be asked – do we really need to own the place we live in? It is only matter of preferences. It is that simple. Who wants to live in a nice place, near the city center, surrounded by parks, in a nice neighborhood, he can! He will only not own the flat he lives in. There are much more lease offers than sales opportunities. The range of rentals is that wide that you almost do not need to compromise on your needs or wishes. Please see the tab below for some examples.
Surely many people think they will make a fortune from renting their own place. Well, we have to say that you would most probably see the Loch-ness monster sooner. Not every property is worth the declared price and it is difficult to see the whole complexity of factors that are to be evaluated when investing in a property. Those places, that are really worth the fortune and can generate some income, those are often beyond the capabilities of individual to invest in them.
Everybody who thinks about living on his/her own, should consider carefully these points:
- How many times during your life will you have serious reason to move out?
- Is it possible to think of every factor adequate and relevantly before buying?
- Do I know that I will never have reason to move for work?
- Wil I divorce?
- What if I end up living somewhere far away from my new job? I would spend half of my day commuting only.
- How much will I pay for an apartment repayment period on interest and other fees?
- What if I see better places I would love to live in?
And more things to consider…
- Would I be willing to pay for large flat/house even living there alone?
- When I like living in centre, why would I live in suburb? Just because I cannot afford it?
- Why would not I live surrounded by the most charming nature if I like it and can work from home?
- …
This list will have that many questions, that you may think. And as life changes, those questions will change too. Can you know it all at the time you are buying a property?