It depends on your wealth, requirement and the city you live in; and also what kind of house we’re talking about—apartment or condo.
I personally think, if you can own a house, do it. It’s the best option for everyone. If it’s an apartment, pay in lump sum to the seller and then buy the entire house. Of course, you’re going to have to pay for the regular maintenance! But imagine your own house on your own name. You can do whatever you want inside, change the look of the properly, build new things inside and enjoy seamless freedom.
These aren’t possible if you’re renting a house. You’re going to have to follow the rules of house and live in it as it is. Plus, in case if the landlord desires, she/he can ask you to leave their property at anytime. Also, given I have lived in a rented apartment for more than 2 years, the mindset you will have living there won’t be good. You will treat the apartment as your home, but deep down inside you will know someday soon you’ll have to vacate it. This feeling is really bad.
Plus, when renting an apartment, you will have to pay security deposit, which could be quite high if it’s a good property. Instead, you could accrue more money and simply buy and own a house completely. In the coming years, the value of the property will increase and if you decided to sell it, you can make a lot of money.
So I would say, if you can buy a house, buy it. Don’t even think of living in a rented property. However, this might not be possible for say students and working-class individuals. And to those who’s living in a place on a temporary basis. For these people, living in rented-shared apartment is a good choice.
Hope the answer helped. Good luck!! :)
It totally depends on the mindset of an individual that whether he needs a home or want a rented one.
If you live in your hometown, buying a home is a good choice but if you are living in some city away from your resident place, you should rent a house to save your money.