In this Economy?: Other Considerations in the Rent vs. Purchase Debate
The rent vs. purchase debate is one that will always be on our minds, no matter how old we are, or no matter what phase we’re at in life. For young people looking to make a mark for themselves in the world, being able to pay for their chosen space is a huge step towards independence. For their older counterparts looking to settle down, having a space to stay in – rented or otherwise – is an indicator of success.
Investing in a space to rent or purchase shows how ready a person is to invest in the future. And as such, it follows that there will be a lot of things to consider first before deciding to make the jump with such a decision.
While money will always be the biggest concern, it’s important to know that this shouldn’t be the only thing to consider when choosing a side in the rent vs. purchase debate. There are numerous pros and cons for both sides, and there will be no shortage of advice from experts across the field on the topic. Regardless of the side you choose in the end, the important thing to remember is that much of this decision will be based on your own personal circumstances and priorities. Here are some questions you can ask yourself if you’re still figuring out whether to rent or purchase a space.
How big should the space be?
When choosing a space to rent or purchase, the measurements and dimensions of the area should be among the first things to think of. Consider the size of the space you need for your specific needs, priorities, and plans. Will you need a large space for a family? Will you be okay with a smaller place for solo living? What are your plans when the time comes for renovation, home improvement, and other interior design projects? Before you commit an amount of money for spending, think about the size you’ll want and need from the place you choose.
Having a smaller space affords renters the time and ease to plan any interior design projects they might want for their rented space. Meanwhile, planning the same type of renovation for a much bigger house would take more time and effort to pull off.
Read more discover more ways to put your own personal stamp on your space.
How long will I be staying here?
The amount of time you’ll be spending in the space you decide to either rent or purchase is also an important factor to consider before the transaction. Where renting a space indicates only a limited amount of time spent living here, purchasing a home to stay in all but hints that you intend to settle down there permanently. Because it is easy to make a rented space your own, it is also much easier to leave the place when it’s time for you to move on.
On the other hand, a lot of thought must go into the home you plan to stay in for good – while the thought of relocating may come up later on, it’s a decision that takes more time and effort to enact. Just as it is expensive to find a home and lot to purchase, it is also just as difficult to move out of there to a new place.
As purchasing a home means you are already stable enough to pay for it and maintain it, settling down here means you’re in for the long haul. Whereas, opting to pay in installments for the rent is the more immediate and easier fix for those who are still trying to find their ways in life.
How will I be spending my free time?
Choosing a side in the rent vs. purchase debate must also take your personal free time into consideration. Because you will be mostly using your chosen space to relax and unwind from your daily schedule, you’ll want a space that will easily accommodate whichever activity you choose.
Is your schedule usually jam-packed when you aren’t at work? Are you already looking to settle down? Will you have enough free time to take care of the little details that come with living alone? Services like laundry, utilities, and the occasional repairs are usually provided by the landlord in a rented space. But when you live in a home you purchased, you’ll have to take care of these errands yourself.
More than the ease of travel between work and home, the question of renting and purchasing is also dependent on the conveniences each space provides. While renting would make life easier for a busier person, purchasing a home would provide you with more security and more freedom to live as you want within a community.
While the rent vs. purchase debate will always involve monetary expenses, it’s also important to consider and examine your personal needs and wants before making a decision. There are a lot more intangibles you’ll want to look at first before cashing it in, especially since you’ll want the investment to pay off for you in the long run.
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Tokyo Grand Renovation (TGR) is a design and build specialist when it comes to crafting luxury and functionality in one. Inspired by Japanese philosophy and style, TGR’s headquarters is at 9110 La Campana St. cor. Trabajo St., Brgy. Olympia, Makati City, 1207.
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