There is a big and common misconception when it comes to renting: that it costs way more than owning. This is because most people equate monthly amortization with monthly rent.
We’re here to tell you that there’s more than just the monthly amortization to think about when owning.
When you own a property, not only do you have the huge chunk of down payment to shell out, but you also have the property taxes, maintenance costs, insurance, and more.
On the other hand, when you rent, there is a security deposit that costs significantly lower than a down payment. Depending on how you make use of utilities, your bills can be budgeted accordingly.
And of course, minor maintenance costs are what renters usually worry about since they have the choice to move upon a certain period of time.