buying vs. renting

Living in a rented property has its advantages, especially when you aren’t planning to stay in a city or region for a long time. But it also has disadvantages.

The main advantages of renting are:

• Flexibility to move, with no concerns about leaving your own house behind.
• Not having to worry about the maintenance of the rented house, which is usually handled by the property owner.
• The initial procedure for renting is easier and less expensive than the procedure for buying.
• Not having to pay property taxes, and other factors associated with being a homeowner.

The main disadvantages of renting are:

• In a literal and symbolic sense, you don’t have a home, because you’re paying to live under someone else’s roof.
• All of the money that you pay in monthly rent – which is usually a significant portion of your family’s income – is gone forever.
• The house isn’t being used as a source of capital and wealth for your family.
• You aren’t free to modify the house to suit your personal tastes, such as changing the color of the paint, modifying the floors or carpets, changing the rooms, etc.
• You can’t deduct certain taxes.
• You don’t have the ownership rights that would give you influence in the neighborhood where you live.
• You may have to vacate the property and move when the rental contract expires… even if you don’t want to leave.
• There’s not much reason to “be a good housekeeper.” For example, there’s little motivation for buying certain pieces of furniture and other valuable objects, because of the uncertainty about how they could be used or how they might fit in the next house.

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