The Time Long Debate of Renting Versus Buying Properties
Whether people should rent properties or buy them instead, has been a debate in existence since time immemorial. As expected, while some people prefer to rent properties, others gravitate more toward buying them for keeps. The interesting thing about the latter, is that it can also be bought for the purpose of renting it out. Consequently, to give an answer to this debate, I would say ‘buying-to-rent-out’ is a better option. This not only means that you are buying, but also means that you can still make money from what you purchased.
However, some people may prefer to buy their properties and not be bothered about making passive income from rent. That is fine also, but when looked at holistically, we would realize that the better option would be the ‘buy-to-rent-out’ option; I mean, who does not want a little extra cash, huh???
Looking at the pros and cons of buying, and renting, we would find that the pros of the former, far outweigh the latter, even with putting one’s financial situation and goals into consideration. For one, buying is a good long term investment, while renting is not an investment at all, to start with, talk more of being a good one. Also, you get greater privacy; of course, when you have eventually bought your own house, after owning multiple rental income generating ones first.
Real estate mogul, and rental income Boss, Chudi Onyemeri Kalu has this popular quote he always uses. It says “Make sure you get at least 16 rental income generating properties, before you settle to own one for your own habitation.” This leaves one a lot to ponder on, and it makes a wbole lot of sense, because why buy a luxury house and live in it by yourself, only for the fun or comfortability of it, when that same money used to purchase the mansion can be channeled into acquiring multiple income generating properties, whose returns you can eventually use to own your own mansion, right??
Think about it.
Ultimately, Buying, but buying to rent out, would always be better than renting a home to live in, indefinitely.
