It’s the same line that we have all heard for years:
"Renting is dead money."
It's been repeated by parents, relatives, and anyone who bought a house decades ago.
But is that still true in today's housing market? Or is renting not as villainous as it's made out to be anymore?
Why Renting Got Such a Bad Reputation
People say, you don’t own anything at the end. Your money is another person’s investment too.
On paper, it is logical. We pay more to own property than to rent it. Renting seems like money just vanishing.
However, such thinking dates back to an era in which:
- The prices of houses were lower
- Deposits were more feasible
- Mortgage rates remained unchanged
That's not the world we’re living in anymore.
The Reality of Buying Today
The purchase of a house today also comes with serious costs that include:
- Large deposits
- High interest rates
- Stamp Duty
- Costs of legal fees
- Maintenance and Repairs
But for many consumers, buying is even more than a costly proposition it can also be quite a financial gamble
Pledging yourself to a mortgage contract whose repayment will be a struggle may cause you unnecessary stress as well as limit your freedom to act in other areas of your life.
WHAT RENTING PROVIDES WHICH BUYING CANNOT
Renting provides access to benefits that can easily be overlooked, for example:
√ Flexibility
You can move for a job, for lifestyle change, or other personal reasons; no strings attached.
✔ Predictable cost
Maintenance, boiler repairs, and roof problems aren’t your task.
✔ Reduced upfront costs
For many tenants, the flexibility of renting surpasses the benefit of ownership.
Final Thoughts
The true waste, if you will, in today's market is not renting-it's making a decision that doesn't fit your life just to tick a box.
Whether you rent or buy, the best choice is whatever works right now, not what looks best on paper.
