Topic: Rent or buy real estate - let's have a debate - page 12. (Read 1323 times)

This would depend on what interest you pay on the loan and how long you can take to pay it back. If you can comfortably pay back after a determined period of time and have job security then buying is the better option
For financial advice it's best to consult the services of a professional.

On the one hand, renting real estate is a good thing. If, for example, the store does not bring in the expected income, you can simply open a store elsewhere. If, however, you bought the premises as property, and the business went bust, you will have to think about how to sell the premises at least at the value at which they were bought.

On the other hand, if the premises are not owned, and you have promoted the place itself, the landlord may want to terminate your lease and open own similar business in the premises.

It entirely depends on future plans, financial situations, and personal preferences.

Some consider property as a highly potential investment model, but it should align with our financial conditions. In my opinion, if someone's monthly income is sufficient to meet daily needs and also pay for mortgage installments, I would prefer to gradually own the property in the future. However, this requires having a financially capable condition.

Again, it ultimately depends on each individual's personal preferences. However, when I hear that mortgage payments are not significantly different from rental prices, I would choose to purchase the property through installment payments. This is assuming that the monthly down payment does not overly strain my finances each month.

It all depends on my financial status; my earnings will decide which one is best for me.
 
Building a house will cost a lot. I know it's a one-time deal, but let's not forget the fact that a living house is more of a liability. The expense of paying for rent every year might be off your budget, but there are bills that come with owning a house. Let's not forget that the loan amount will be deducted from my salary on a monthly basis, which will reduce the amount I will have to come home with every month. My wellbeing expenses are attached to the salary, so cutting it short means I will either have to adjust or look for other earning means to meet my bills.

So it will be better if I take that loan, rent an apartment, and set up something that could be used to generate money so I can actually build a house of my own, rather than building a house from a collected loan. If I take a loan enough to build a house, I could possibly use that to set up a business and allow my employees to be educating my loan amount from my salary, so my business can be generating me some income, which I can use to cover up those loan amounts every month. If those loans are fully covered, or maybe there are good profits coming out of the business, only then can I think of starting up the house building. That's when I will see myself as someone who is financially ready to foot the bills of my own home.
 

I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?