There may always be a time when people might think that buying is better than renting and the other way around. However, the fact of inflation in the prices of apartments influence the decision of people a lot. Little to no flexibility makes the choice harder as it is not always about the lifestyle but the financial status as well. A clique of young entrepreneurs might prefer renting while the ones that are more financially stable would lean towards ownership.
To keep afloat the talks we can say that both of the perspectives have their pros and cons. Renting is not always as simple as it seems, on the other hand, buying and maintaining an apartment can be really difficult. Since both of the terms serve separate purposes, one may and may not be better than the other one.
Renting is a simple phenomenon, you are paying a certain amount for a place to live. You won’t have ownership of the apartment, but you will be living there by paying an amount in return. Renting can be termed as easy but it can be tough when you face unpredictable rent increases. For an instance, the person who rents the apartment and lives there might have to find another home when the landlord wishes to sell the apartments, convert them into condos or just simply increasing rent way above you can afford.
Renting has its advantages, and to be honest a lot more than the disadvantages it contains. Persisting the people to rent more often.
Since the phenomenon is full of advantages, it houses a few major disadvantages as well. People might be influenced more by the disadvantages of renting rather than the advantages.
Buying specifically means spending some money to make an asset or have a liability, for real estate, buying is usually always about making an asset. Real-Estate is an asset, you spend a specific amount, which is generally more than the rent you observe, and buys an apartment or a home. The apartment is all yours, you can rent it out, you can live in it or might as well just leave it to see if the price of the land increases. Buying and owning a luxury apartment has its own advantages and disadvantages.
From stability and settlement buying is more profitable for a person than renting, in the long term.
The disadvantages on the other hand are way less complex when you own a home. In shorter or longer terms it can be a disadvantage but not a complex one except for a few.
Locations, plans for the future and most importantly money choose to rent or buy. Although buying is way more beneficial for a person in a longer period of time, money plays the key in this choice. Creating assets is better than living in a liability. Hence buying luxury apartments will be better than renting an apartment.