Many dreams of owning, but buying or renting is a tough decision you have to make as they involve your lifestyle, financial health, and self-goals. Your choice depends on your financial status and lifestyle. This kind of decision needs time and much thought. Weigh your options before you decide, as buying and renting require consistent income flow. You can research to learn some merits and demerits of buying and renting to make a wise decision. Below are some pros and cons of buying vs. renting.
Buying
It’s a lifetime investment; hence, the need to know some of the buying pros and cons.
Pros
Stability
Owning a home can create a sense of permanence. For instance, if you have/are planning to start a family, a house can be a haven for the entire family. Besides, buying can lead to community participation, creating a desire for a stable and reliable neighborhood and a psychologically fulfilling experience.
Customizable
You have a vision of how your dream house should look, but finding the exact one can be daunting and overwhelming. As you search for a home to purchase in unfamiliar places, say Kitengela, on popular sites like Hauzisha, you will notice they all have different designs, features, and amenities. You might need to make a few changes for it to feel like home. Besides, people have varying interests and tastes. So, when you buy, you can remodel and renovate the property.
You can remove a wall, change the floor and roofing, repaint the walls, and install new/add other appliances.
Cons
Maintenance and repair cost
Buying means taking ups new responsibilities. It needs regular maintenance and repairs when necessary to maintain its life and add value to your property. Things get broken/stop working, which will require restoration. Besides, you will want your home to look appealing; thus, repainting, lawn mowing, grease traps, and regular air conditioning cleaning and some of these services you will hire professionals. Expenses will not reduce because you own a house; they might even increase.
Property depreciation
Land does not always appreciate. In some cases, where there is an increase in crime rate in a location, no/minimal property repair and maintenance are the main culprits to depreciation. You can know if your property is depreciating in the case of high-interest rates, meaning you are making losses.
Renting
Pros
Flexibility
You can live anywhere you desire in Kenya. Renting allows you to live anywhere and choose the rental property you prefer from many. You can also change your rental if the place/ house is not pleasing.
Affordability
With countless rental properties available in Kenya, there are housing choices that can fit your monthly budget. You live on your budget. Nothing is certain in life, and you can experience financial problems and be incapable of maintaining your current home; you can choose cheaper housing options.
Cons
No renovation/remodeling freedom
You wish to make your place home, where you feel calm, relaxed, and safe after a long day. This means you must make changes like redecorations and renovations, which many rental properties restrict. Repainting your living room/bedroom, changing the floors/countertop, installing a bathtub, or planting flowers in the yard make a house more appealing. But you can do nothing but complain, wait, and see if it will be done.
Regulations
Every property has rules that tenants should abide by, like no pets, no loud music, and the number of people who should live in a house, and failure to follow the rules can lead to eviction. If you’re a party person, you can’t hold them unless it’s a headphone party.
As your decision falls on financial status, gather information on the advantages and disadvantages of buying and renting to make a sound decision. Several factors can contribute to your decision, such as your plans for the future and work. So, your option should not cause financial draining and change personal goals.
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