[Spoiler alert]
There are no easy answers to this question!
For as long as there have been houses, people have been torn in two about whether to buy their own, or just to rent. Here are some common arguments from both sides of the fence:
Team Buy
– You will always need a place to live. Once you have paid off your home, you no longer have the expense of paying for housing.
– If you buy “right”, your home may appreciate in value.
– Your home is your castle. If you own it, you can make any changes that you feel like.
Team Rent
– As a buyer, you may own your house, but it comes with fees like tax, interest and other charges like insurance.
– Renting isn’t “throwing money away”. It is paying for a service: you get a place to live.
– Buying has a large opportunity cost in the form of deposits, transfer duties, taxes, insurance and interest.
– Mostly as a renter, you don’t have to pay for repairs, maintenance, or other issues that come up.
The fact is that the decision to rent or to buy is personal! It depends on your needs, your means and your views.
This post is a summary of what you can find here: https://twocents.lifehacker.com/why-the-rent-vs-buy-debate-is-completely-pointless-1773179027
