The question of whether to rent or buy is a widespread discussion. In my blog this month, I would like to deal with exactly this question.
First of all, you have to ask yourself how long do I want to stay in this place and how do I want to live? Do I prefer a small one-room apartment in the city center or rather a large, two-story house in the country? All of these are important criteria that should contribute to this decision.
You have to keep in mind that buying a property is certainly smarter in the long term, since a property always has value and does not lose it as quickly as a car. This means that you have not thrown the money out of the window and that after a certain period of time your property still has an equivalent value in money, or rather in kind.
It is different when renting a property. You usually pay a certain amount monthly, or every quarter or annually to be allowed to live in the apartment etc. That means payment for service. In contrast, when I pay rent for my apartment, I get the service that I can live there.
What is better for me now? What should I choose now? Now this question can only be answered for yourself. In general, however, I can make the following contribution: If it is not possible to afford a property in the desired location and at the desired time, then one should rather count on a rent. You don't get the money back and you don't have your own property, but you are more flexible. High-quality real estate in central locations has also become unaffordable for many people, especially in large cities. As a student or young employee, I would tend to rent anyway, since most have little savings and can act more flexibly with future job offers.
Here, for example, there is a way to share the apartment. You can found a flat-sharing community to share the cost of the apartment as a student. This is a common way of saving costs and integrating into society. In addition, one or two roommates can be found incredibly quickly through the Internet.
However, if I finally want to settle down with my family and buy a house, there is the option to apply for a loan in order to be able to finance the desired property. Most loans can also be repaid early if you want to be able to sell the house again in order to be able to repay the loan. Apart from that, the term of such a loan is usually 15-30 years, which means that the loan rate should not be too high.
Finally, I can express myself clearly again by telling young adults that I cannot give a clear answer to the question of whether I should rent or buy. It is a question to which there are many different and individual answers. The best thing to do is to listen to the gut feeling to find the right one for yourself. Because you can only know and decide how and where you would like to live.