If you’re in your twenties and looking for a job, you’re probably looking for a place to stay too, right? Now you’re thinking about whether you want to buy or just rent a property. Well, both buying or renting a property has its pros and cons. If you plan on staying with your family throughout your working life then this is not a problem. Plus, it’s not wrong to stay with your family. People sometimes look down on adults living with their family because they view it as you not becoming an adult and fending for yourself. But hey, there are so many benefits of staying with your family. You’d save a lot on costs and you’d have company throughout living there. So no, it is not bad to keep on living with your family be it with your parents or siblings.
That is unless you have a bad relationship with your family and you just want to get away and live however you want since you’d be working and earning your own money. So, if you’re planning to move out, you have to set a budget first. If your budget isn’t that much, you could just rent a property and save money and eventually buy a property. However, if you have the budget to buy a property then why not go for it? You’d need to plan out your budget thoroughly and make sure you’re able to though. Before you make your decision, you should know the pros and cons:
Pro: Your Land, Your Choice
Buying your own property means you’d have pride of ownership. Pride of ownership is one of the best benefits of buying a property, be it an apartment, condo or a house. This means you can do whatever you want to your property because you are the owner of said property. You can paint the walls, you can install an operable glass wall with Hufcor Glasswall Specialist and even bring down walls if you want. Make renovations or decorate according to your own taste. Like I said, your land, your choice.
Pro: You Can Make Money
When you buy a property, it does not mean you have to live there. What I mean is, you could rent it out. Either rent out the rooms or the whole property. This way, you can earn back the money you’ve put into buying the property. This is called earning a passive income. You could charge maintenance fees or tax fees to your tenants too, within reason of course. Thus, within a couple of years, or months, you could already earn the money you’ve put into the property.
Con: You’re Practically Stuck
So, here’s the catch. If you’re not renting it out and you are living there, then it’d be a little bit harder for you to move around. For instance, you get a job offer that is better than your current job and you’d have to move, selling your property is hard. Especially if you’ve made permanent changes to the property.
Con: It’d Probably Cost You A Lot Of Money
Remember what I said about renting out your property? Well, that doesn’t come cheap. Before you even rent it out, you’d have to furnish it and maybe make a few changes to the property and that will cost you a lot of money. Plus, throughout owning the property, you’d have to pay maintenance costs as well.
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