Many people grow up with the dream of buying a house and lot, but in reality houses. Are. Very. Expensive. While saving up for that dream house, you can live at home, with relatives, or in a company housing complex. Or, you can rent a space.
Renting a space is a convenient and practical residential solution – it’s also a path towards being able to achieve your goals in creating the lifestyle you want to live.
1. Be free
Renting gives you the freedom to pursue the life you want to live.
Want to live independently? Renting lets you have your own space, so you can live by your own rules. Want to be able to make new friends? You can rent a shared space and experience communal living.
Indulge yourself with a swanky loft, or save money with a practical living space – renting gives you a diverse array of options, and the final choice is yours.
Most of all, renting a place frees you from having to deal with the worst of traffic. Many people rent spaces close to their offices or schools specifically to cut back on commute time.
Instead of a worst case scenario of 4 hours on the road, you can spend just a fraction of that
while travelling. From 2 hours, it might become a 15-minute commute.
Time spent on the road is time you could have spent resting (because how can you expect to work well without resting well?) It could go into cooking better meals for yourself, or spending more time with friends, or getting to finish a movie at the end of the day.
Renting gives you the freedom to spend the limited hours of the day, the way you want to.
2. Be flexible
In making the decisions that will affect our lives, we will necessarily experience changes.
Maybe you got a better job offer. Or you’ve decided to continue studying in a different school. Maybe you’re getting married, and now need space for a small family.
Renting gives you the ultimate flexibility of not being tied down to any one living space.
In comparison, with a house, you’re limited in terms of location – because your house isn’t going to pick itself up and move around as you do. And while you can remodel a house along with your changing needs, this is also costly.
Depending on your financial status and needs, it may be far more convenient to rent, so that as your needs change, so can your living space.
3. Live better
Did you ever imagine you could go swimming in a pool everyday? Or maybe instead of struggling looking for a venue for all twelve members of your start-up company / RPG group / K-pop cover band, you can just ask management for use of the rec room, or events area.
Renting gives you access to amenities and perks that would be more expensive otherwise.
Instead of getting a gym membership, maybe the apartment complex you’re renting at has its own sports facilities. Instead of having to go across town to shop for food, maybe your apartment is built on top of a grocery.
The best space for you will also have the amenities that you need, for the lifestyle you want to have.
4. Save money
Renting allows you to better pursue your financial goals.
How much do you need to save to make a downpayment on that house (or on that car, or that insurance premium, or that seed capital for a start-up)? With your goal in mind, you can choose to rent a shared room, or a bedspace in a dormitory, to maximize the amount you can save. Or, you may recognize that you need a place to yourself, to better sleep at night, so you have more energy working to meet your financial goals. In that case, you can rent a private room, or your own place.
Either way, renting remains a far more affordable option than purchasing property. You don’t have to put your own money up for maintenance. In a condo or an apartment, you may be able to ask for the help of the resident handyman. In a private or shared room, there may already be appliances like the fridge, or stove, so you don’t have to purchase your own. Utility costs may also be lower, depending on your arrangement with your landlord.
Renting also allows you to save on transportation costs – compare living a jeep ride away from where you work, to having to take a tricycle, and then MRT, and then jeep, and then another jeep (or maybe just one Grab ride away – but that’s more expensive!)
The money you save can instead go into your emergency fund, or to pay off debts.
With savings, you can also make your money work for you. You can put your excess funds in the stock market, or take an investment-linked insurance policy. Or you can focus on investing on yourself, by buying an HMO, or getting a gym membership.
If you know what your goals are, you can scale your rental options to meet them.