Pros and Cons of Owning VS Renting a Home in Malaysia in 2021.

Buying a home can be one of the most major life decisions anyone has ever had to make. Our homes are our very own personal space and we would want it to be the place we feel safest and most comfortable in. There are many factors that you need to take into consideration before you can come to a decision such as your financial situation, your current ,long term lifestyle or even your career plans.

If you’re still in thoughts about whether to buy or rent a property, let’s start by exploring more about the advantages of buying a home.

1. A good form of investment

One of the strong reasons many people want to buy a house of their own is because it is seen as a good investment that will appreciate in value over a period of time. Owning the right home in the perfect neighbourhood can be a great asset that will help your money invested in the long run and potentially become a nest egg for your retirement.

2. Avoid unreasonable independent landlords

Having your own home, you will not have to deal with some independent inconsiderate and rude landlords that do not take your feelings into consideration.

3. Sense of Freedom & Privacy

By owning a home, you have complete creative control over your property, so you can alter the property the way you see fit which might include major renovations or even landscaping to suit your lifestyle.

Now that you know the advantages of buying a home, here are some benefits when it comes to renting a home.

1. More flexibility and low commitment

Renting offers less commitment as it takes up a good chunk of funds to acquire a property. Most people prefer renting than owning a home for flexibility as it lets people live anywhere they like and also gives them a chance to live in an area they would not be able to acquire/afford.

2. Maintenance and repair costs covered by the landlord

By renting a home, there is no need to worry about the maintenance work of the property as it is the responsibility of the landlord to handle the repair works and ensure that the property is well maintained. Hassle Free!

3. Lower upfront costs

The monthly rent will most likely cost so much more lesser than the monthly instalment for a house. In addition, the upfront cost for renting is also considered much lower in comparison to the down payment you have to put to purchase a home.

Final thoughts

You might be thinking which would suit you best, buying or renting a property? To take a leap, it all comes down to your finances and preferred lifestyle. If you believe you can afford the monthly payments for the property, then go ahead to buy the property, but if you plan on staying in one location for a short term basis, then renting will be a perfect fit.