Debate: Buying a home is a better choice than renting

Read the other half of this debate here.

Adulthood is a complex journey, and somewhere along the way, you will encounter the crossroads of buying or renting a home.

Some may say that you should opt for renting apartments because of its cost-friendly and manageable rates while others may share the benefits of buying a house. There may be endless factors in the mix, but in the end, which appeals to you more — buying or renting?

When I think of my long-term goals, the question of “buying or renting” always pops up. It is an inevitable conversation among adults. You hear friends, relatives, or parents talking about settling down, and it usually ends up in a conversation about real estate. It is good that we think of our future early so we can create and make our way smoothly towards achieving our plans.

As I ponder about my life, I see myself buying a house rather than renting until I am old.

Growing up in the Philippines, we never had our own home. We have lived from one apartment to another, living in each of them for almost 8 years. We wanted to customize and decorate the place as our own, but we couldn’t because it simply was not ours. We also worried about the drastic changes in rent and we would end up cost-cutting with other important expenses, like school fees.

We got tired of the constant worrying and paying unreasonable rent, so my mother finally decided to buy a house. She saved up enough money to buy a townhouse. And even though it was a small property and slightly far from my school, it gave us the liberty to save the money to finally add our own flare in the house, which none of our rentals could have ever offered.

I only lived under that roof for 2 years before migrating here to Canada and now we are back to living in rentals. The living expenses here in Canada is a different story, but after everything that my family has gone through I promised myself that I will buy my family our own house here one day. Buying a house is a major and expensive decision, but with careful planning and budgeting, it is achievable.

Three things appeal to me to buy a house: permanence, investment, and freedom.

First, it provides a permanent roof over your head. You do not have to worry about not having somewhere to live in the years ahead.

Second, it surely is an investment. The house value increases over the years, generating money for your pocket.

Lastly, it gives you freedom from the continuous surge of rental payments. Once you own a home, it liberates you from the stress of looking at half of your paycheck flying away at an instant every month. In the end, you have security and something to call your own as your hair turns grey.

Buying or renting a home is a major decision. It should not be done abruptly or without considering the factors affecting it. No matter what others say, it will all depend on you. Plan your future and consider what you envision. Know and weigh the pros and cons, look at your ideal lifestyle, your own timeline, and your budget in terms of how much you are willing to save or spend in the upcoming years.

Before making any life-changing decisions in life, remember to think rationally, and most importantly, do what makes you happy.