Buying property vs. renting property

[Nomad]

Between buying property and renting property, which one is better in terms of financial health? You will have to spend a lot of money to buy a property. YOu do save money on rent or even earn rental income, but it will take many years to recover your investment. However, when you rent, you will be spending little amount on rent and utilizing your money on other profitable businesses or investments. What do you think?

 

[Baker]

There are advantages and disadvantages to both buying and renting property. When you buy a property, you are making an investment and can potentially make money if the property appreciates in value. However, there are also a lot of costs associated with owning a property, such as taxes, maintenance, and repairs. Renting, on the other hand, can be more affordable in the short-term, but you are not building equity and you don't have control over the property.