A common misconception about renting is that you're wasting money. But whether you rent, build, or buy a home, you still need a place to live, which always costs money. It is worthwhile to know that we all need a place to put our heads. Shelter is very important for humans to live a meaningful life. If you are building to live in the house I will say it is better to rent unless you are wealthy even to manage the cost of house maintenance. Although, many people see owning a house as an asset, well, it could only be if the house serves as a source of income for you. Renting costs less and you don't have to pay electricity and other bills only. Your landlord will be responsible for the house maintenance.
Some people say that rent payments don't help build wealth, but it is worthwhile to know that not all costs of owning a home do either. Plus, owning a house doesn't mean you can easily sell it when you need money. It depends on the area you erect your building. The cost of building also differs from one another. Like comparing a city to a town.
When you rent, you know exactly how much you'll pay for housing each month. This is especially true if you pay two to three years' rent. When your lease ends, your rent might go up, but in places with rent control, it's harder for landlords to raise the rent. Even if they do, the price is still relatively small compared to having to build from scratch.
It is easy to relocate when you rent
If you get a new job or need to move to a different city or country, you can't take your house with you. But you can move when your lease is up. However, many will argue that you can put your house for rent too. The amount you might likely rent the house out might not commiserate with the huge small of funds you use in building the house and you still have to keep on maintaining the house yearly.
Rent is cheaper compared to building a house
Renting is cheaper because you don't pay for upkeep or repairs. If something breaks, the landlord has to fix it. As a homeowner, you would have to pay for all repairs and maintenance yourself. If the house owner isn't careful, he can spend half of the rent collected on the repairs and maintenance.
Renters also save money on amenities. Many apartment buildings offer amenities like indoor pools or fitness centres at no extra cost, which would be expensive if you had to pay for them yourself. Before a house owner can have some amenities in their home it will cost an extra amount of money to come about which might not be difficult for someone who is renting.
Owning a house isn't a bad idea. It's just not a short-term goal but a long term. It can also serve as a long-term investment goal.