As more millennials are entering the workforce and finally finding their way to the housing market, the owning vs renting debate has more heated. More and more people now believe that a house is less of an asset and more of a liability. Renting clearly is a cheaper option than owning a home. However, ownership of a large asset like a home could have its own advantages. Let’s discuss them below.
A house could be a liability
The biggest issue with a house is its maintenance. You have to spend on the paints, varnishes, furniture etc. in the house. The heating and cooling system will also demand regular maintenance as well as updates. You will also have to care for the flooring, the roofing and the appliances. It will always remain exposed to the elements, which means that you will have to project against those as well. Additionally, you will have to pay for any damages as well. The house needs efficient locking mechanisms, security systems and more as well.
All these expenses could add up in the long run. Moreover, you will have to pay for mortgage for several years as well. This means that you will be spending a good part of your productive life, paying for an asset that demands more money as it grows older.
The concept of renting is exactly the opposite. You don’t have to pay for maintenance at all. Everything from security to maintenance, is a part of your landlord’s headache. You just have to pay your monthly rent and get rid of all the issues once and for all. It is important to note here that renting gives your more flexibility. You can live in any part of the city you like. Also, you could upgrade or downgrade the size of your accommodation too.
In renting, you can live as you please, whenever you want. The money that you save on these costs and the amount of mortgage you save can be used elsewhere to build a fortune. Many millennials prefer to go the renting way. This has many reasons.
First, the generation starts its life with student loans, even before they enter the workforce. They have to worry about several other loans, rising prices and increasing cost of healthcare as well. In such a condition, caring for a house may not be the right option. It could be too demanding.
If you own a house, you could use it to earn money as well. Even if it nullifies all the maintenance costs and provides you a small profit, it could be a great asset to possess. From renting out a small unused portion of the home to signing up at platforms like Airbnb, there is a lot of money to be earned with some real estate.
Whether you prefer buying or renting a house, talk to heartloans.co.uk whenever you fall short of funds. You will always get instant short-term loans that could save the situation for you. Now no home renting agreement, maintenance check or huge bill will be a problem for you. Just get a quick credit and pay for everything you want.