Small Biz Dad

Search the Site

Menu
  • Home
  • Career Advice
  • Life
    • Family Life
  • Mobile Apps
  • Small Business
    • Employees
    • Small Business Finance
    • Small Business Technology
  • Reviews
  • Contact
Menu

Is Buying Always Better Than Renting?

Posted on July 1, 2019July 1, 2019 by ben

For the longest time, there has been an assumption that owning a home is always superior to renting. This often stems from the attitude that buying a home is something you want to do while renting is something that you have to do.

The truth is that thanks to the rising cost of living and stagnating wages, most people simply aren’t in a financial position to buy a home at all. But that also raises another important question, is it really better to buy a home instead of renting in every situation? Here are some of the more common reasons given for that line of thinking, as well as some suggestions as to why they might not be right for everyone.

Cost 

The most obvious thing to consider when it comes to renting or buying is the cost involved. Initially, the need to save for a deposit would make it obvious that buying is more expensive but a lot of people find that their monthly payments go down significantly if they buy a home rather than renting.

Of course, that doesn’t mean that renting has to be expensive. Studies like this from ABODO are incredibly useful at helping renters find properties at the right price. There’s no reason why, just because you’re renting, you should have to get shafted on your regular payments.

Stability

There’s no denying that there is more security in buying a home than in renting one. After all, if your landlord decides that they want to sell the property or simply rent it to someone else at the end of your tenancy, you’re just going to have to find somewhere new. That’s obviously not an issue when you’re a homeowner.

But you also need to think about the fact that this means that, if you want to go somewhere new, move to a new place, or even start a new job, that can be a lot harder when you’re a homeowner. When you’re renting it’s much easier to have the kind of flexibility that a lot of people really care about.

Personalization

If you want to make serious, structural changes to your home then being a homeowner really is the only option. However, that doesn’t mean that you can’t make a rented home personal. Just because you don’t own it doesn’t mean that you can’t take a kind of personal ownership over the space by painting, decorating, and just generally making it into a space where you can feel really comfortable.

The most important thing to remember is that there really is no hard or fast rule about which kind of home you should or should not have. The truth is that it’s just a matter of what’s right for you and your circumstances at that moment.

A lot of people find themselves feeling as though there’s something lacking in their life because they’re not able to buy their own home but that’s simply not the case. It’s just a matter of living a different life in different circumstances.

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Us

My good friend Ben started this site many years ago.  Ben said this about himself, “am a follower of Christ, a rabid computer geek, small business owner, and breaker of things. He is married way above his station in life and has three wonderful children who have made driving him insane their mission in life.”

Well back in 2019, Ben suddenly passed away from cancer and he asked me to continue the site. I like Ben, am a follower, a computer geek, a small business owner, and the father of 5 great children.

I miss Ben everyday but run this site in his honor. Thanks for visiting and enjoy!

-Larry S.

Recent Articles

  • 3 Homebuying Tips for First-Time Buyers June 5, 2025
  • he Cost of Waste: How Businesses Can Save Money by Improving Waste Management May 29, 2025
  • Dealing With Challenging Customers: Sage Advice From Experienced Business Owners December 24, 2024
  • From Good to Great: Secrets to Running a World-Class Restaurant December 23, 2024
  • 5 Reasons to Make Sure You Write a Business Plan December 11, 2024
© 2021 SLS WebServices