The dilemma about organizing our home in a rental apartment or owning a house is common in certain ages or conditions. There is no magic rule to decide if buying a home (with a mortgage) is better than renting it, but we can help you assess the benefits and drawbacks of each of the modalities. Go for it.
The economy of renting or buying
With rented housing we do not increase our assets, we do not increase our belongings. Therefore we enjoy the money that we allocate to it, but we will not be able to recover it .
In the case of buying a home, we are acquiring a good and we could sell it later, obtaining a profit, recovering what was invested or, perhaps, losing money if the real estate market falls. We have a risk as in any investment, but the money can return.
In both cases, it would be necessary to check the interest rates of the mortgage and its conditions. And of course compare the foreseeable mortgage payment and rental prices.
The organization of our life
The purchase of a home and the subsequent mortgage will bind us to the home for a long time. Therefore, the flexibility of the solution is small, although we can live in that house as long as we want.
In the case of renting, we can release ourselves from the commitment much more easily, although the landlord may also not extend our contract and force us to change residence.
Reforms in rent or property
In general, in the case of home ownership we can carry out the reforms that we consider appropriate within our home, as long as we do not affect common elements. If the house has some type of official protection, we may have to notify the responsible body of the Autonomous Community.
In rentals, the main thing is to review the rental contract that can regulate the permitted reforms and who bears the cost. In general, all must be approved by the landlord and the maintenance or improvement will be borne by the landlord.
It will be a difficult choice , but at least now many things are clearer.