Is it better to rent home or buy home? Why?

Have you ever wondered how much you are spending or have spent so far on one of the necessities of life called 'home sweet home?' Home is one big asset that every individual needs to decide upon correctly given the choice as to rent it or buy it. The idea of renting or buying a home majorly depends on the budget of the individual and the duration involved. However, if you already have sufficient financial resources to purchase the house of your dreams, there certainly should be no looking back!

Purchasing a house is an obviously wiser option as it is a one-time investment which offers you an asset for the lifetime and for the generations to come! Renting a house, on the other hand, is a recurring expense which may burn a hole in your pocket in the long run. 

Independence is something we all look for and value. As a house owner, you can exercise freedom in your decisions as well as actions. As a simple example, if you would like to fix a nail on the wall, you would not have to seek permission from your higher authority. You could design your room the way you always wanted to. You could consume as much electricity as per your desire. Now just imagine when you go on a month long vacation, you would not have to incur any rental expense during that time. So you could save and gain a lot in monetary terms!

Thus if suitable to your budget, buy a home or even two or three and more if you can. Use it for yourself and family or as and how you wish to. This desire may extend to letting it on rent to others too and so on. Buying a home can be your dream come true!