This is also my belief that it is always cheaper in the long run to buy a house than to rent. Even if you get a mortgage and pay interest but in the end the house is yours. When you rent, the house will never be yours and you get nothing from all the rent you have paid.
When you are working away from home and it is impossible for you to go home, renting an apartment is very practical. But if you are working in your hometown and you have a family of your own to own a house is a must. It would be your priority through a saving to buy it though renting is less expensive. It is, however, permanent kind of investment to secure a house of your own for your family.
When you take home loan to buy a house, apparently it feels like rent would have been a better option. The EMI takes away a huge chunk of your income and at times things become hard to manage. However, once you could pay off the loan, everything falls into place. You understand the value of having a home. Rent can never give the peace of mind like your own abode, and that is something priceless.
I think it is probably only better to rent if you are going to be in an area a short period of time. Granted you don't have the hassles that go along with home ownership, but you also have an investment in terms of your house. When you rent you really have nothing. I don't like being subject to the whims of a landlord either. I really have no plans to rent again, unless it is just on a short term basis.
I understand why some people think it is cheaper to rent but it's just dead money. I sometimes think when I have to pay out for repairs it's a bit of a burden but when I finish paying off my mortgage (in around 2 years) that property will be mine and I can use the money I used to pay out on doing it up a bit. I also have something to leave my children.
I would wish to differ in principal. But only on the overuse or rather misuse of the word Cheap hereabove. I will prefer we say "affordable" instead. Because none of the options are cheap in the long run. But if you are able to take a mortgage or buy a house in cash, that means you can afford it. Not necessarily that it's cheap, but you can afford to that. My opinion is, if you have a good saving plan, you can continue renting until you have enough to buy land at a prime place that you would wish to live. Then continue renting as you build your dream house. There is no rush in building a home!
