{UAH} WBK:RENTING VS OWNING A HOUSE
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8:47 AM |
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While pure economics truly does support that renting isnt as bad as everyone puts it [ i know a number of people who prefer to rent because of the "econimics"]
Economics fails to factor in the benefits of owning a house that cannot be costed
1. Not having the 1am bang on your door from your landlord to pay your rent.
2. The hard economic times when you just go through a financial depression for afew months atleast you have a roof over your head. In a rental, the landlord will still demand for his rent.
3. The feeling of self fulfilment one gets from owning a house [Maslow😂😂😂😂 someone might feel they have reached selfactualozation😂😂😂]
4. Its a rainy day fund. When the going gets reallllyyy reallly rough, you can sell off the house and say start a business, well you cant sell off a rental
5. Legacy. The ideal of having a home to pass on to your kids and also having kids growing up in a stable environment.
6. Prestige
Amongggg oootthhheeerrr many benefits that cant be quantified but are of great importance to individuals and to some outweigh the whole economics.
That there is why people will still build instead of rent.
IMO, the economics makes a whole lot more sense with Village houses people go to once in a calendar year but thats a whole new discussion.
The reasons to rent for me are equally vaild depending on who you are.It doesnt make sense to build a house in Busiika and have to drive to kampala everymorning to beat the jam and all. The discomfort alone, fuel expenses etx
So a person will prefer to say use the income, start a business to fund a house in Kisaasi.Everyone should do what works for them.Build or rent, everyones "economics" are different.
I know people who lived comfortable lives while renting, then they caught the building bug and started to live like paupers because of the expenses involved, they took loans and for the 3 years they were building they lived on a super shoe string budget, now the houses are complete but are way out of town, they spend more time and hence more fuel in traffic and have faced a number of issues with thieves and insecurity, children get stressed getting up at 4am to make it to school at 7am, all in the name of staying in their own houses, not to mention they are still paying off loans. What I'm trying to say is, don't kill yourself just to "live in your own house " do what gives you a comfortable life at the time and make financial calculations that will give you the best quality of life based on your finances, quality of life is very important
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-- Economics fails to factor in the benefits of owning a house that cannot be costed
1. Not having the 1am bang on your door from your landlord to pay your rent.
2. The hard economic times when you just go through a financial depression for afew months atleast you have a roof over your head. In a rental, the landlord will still demand for his rent.
3. The feeling of self fulfilment one gets from owning a house [Maslow😂😂😂😂 someone might feel they have reached selfactualozation😂😂😂]
4. Its a rainy day fund. When the going gets reallllyyy reallly rough, you can sell off the house and say start a business, well you cant sell off a rental
5. Legacy. The ideal of having a home to pass on to your kids and also having kids growing up in a stable environment.
6. Prestige
Amongggg oootthhheeerrr many benefits that cant be quantified but are of great importance to individuals and to some outweigh the whole economics.
That there is why people will still build instead of rent.
IMO, the economics makes a whole lot more sense with Village houses people go to once in a calendar year but thats a whole new discussion.
The reasons to rent for me are equally vaild depending on who you are.It doesnt make sense to build a house in Busiika and have to drive to kampala everymorning to beat the jam and all. The discomfort alone, fuel expenses etx
So a person will prefer to say use the income, start a business to fund a house in Kisaasi.Everyone should do what works for them.Build or rent, everyones "economics" are different.
I know people who lived comfortable lives while renting, then they caught the building bug and started to live like paupers because of the expenses involved, they took loans and for the 3 years they were building they lived on a super shoe string budget, now the houses are complete but are way out of town, they spend more time and hence more fuel in traffic and have faced a number of issues with thieves and insecurity, children get stressed getting up at 4am to make it to school at 7am, all in the name of staying in their own houses, not to mention they are still paying off loans. What I'm trying to say is, don't kill yourself just to "live in your own house " do what gives you a comfortable life at the time and make financial calculations that will give you the best quality of life based on your finances, quality of life is very important
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"When a man is stung by a bee, he doesn't set off to destroy all beehives"
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