Home, Should I buy or rent? What are advantages & disadvantages of buying or renting?
In considering that roof over the head, one big question always is "Should I rent or buy?". It is quite normal to start renting, but as time goes by the feeling of having "my own home" is always there. The question is "Is it a good move to buy or should I continue renting?".
The general rule is that you should buy your home and should not rent it. For cars, you should rent it (hire it) and not buy it. House rent has enormously increased now. It will be prudent to pay interest on home loan to banks and financial institutions and own your own house. Its market value will keep on appreciating (for cars it will be depreciating). The only advantage in renting a house is that you can vacate it and move to another house or to another locality quickly.
Currently I am renting a RM300'000 Semi-detached house at RM500 a month. If I were to buy the same house (the owner offer to sale), I would have to pay RM2087 a month for the next 20 years, with RM20'000 for down payment.
I am considering the "opportunity cost" of my RM20'000 down payment and the different I save each month if I continue to rent (elsewhere).
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