Rent or Buy? Key Pros and Cons for Millennials and Gen Z
By Loshinniy Nair S. Baskaran,
18th September 2024 – As Millennials and Gen Z navigate housing decisions, they face the dilemma of renting versus buying a home. Renting offers flexibility, especially for those unsure about long-term commitments. It allows easier mobility for career changes or lifestyle shifts, and there’s no need for large down payments. However, renters miss out on building equity and face the risk of increasing rental costs. Additionally, they may not have the freedom to modify their living spaces.
Buying a home, on the other hand, is seen as an investment. Homeowners build equity over time and have the potential to profit from property appreciation. They also enjoy greater control over their living environment, from renovations to long-term stability. However, purchasing a home comes with significant upfront costs like down payments, legal fees, and maintenance expenses. Homeownership also requires a long-term financial commitment, which may not suit everyone’s lifestyle or financial situation.
Ultimately, the decision between renting and buying depends on personal goals, financial health, and long-term plans. Renting may be ideal for those prioritizing flexibility and lower immediate costs, while buying can be more beneficial for those seeking stability and investment opportunities, as stated in Malay Mail.
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