THERE is a Myanmar saying that we can meet a hundred of problems in our life but we cannot live for hundred years.

Finding both a place to live and having the means to afford it can be one of the most significant problems we face in our lifetime but, if successful, the search for home can be incredibly rewarding.

Whether you should buy or rent your newfound property is just one of the questions that need to be addressed.

While some people The Myanmar Times spoke to for this article said renting an apartment was a sure way to cause future troubles, others said buying a house is more frustrating. Here are some of the comments and advice from the interviewees, many of whom gained their experience the hard way.

Most said that owning an apartment was the best option. You can alter and renovate as you see fit without having to ask the landlord and you don’t have to worry about renewing the lease, so ownership brings some peace of mind.

Apartment owners also said their purchase provided financial security, to a degree insuring their savings against economic shocks – except a downturn in the property market. Of course, it also means your money is tied up in one investment, which can bring its own risks.

While the turnover of apartments is quite strong, house sales are less frequent and competition is strong. So when house owners choose to sell up and leave their neighbourhood, they often have trouble finding a buyer who will meet the asking price.

When buying either a house or apartment, people said the most important criteria was the neighbourhood and the condition of the house. Money is of course also an issue and the reality is that not everyone can afford to buy.

When renting, the first step is to identify the home you are after and then you will have to deal with a broker.

Only high-priced houses are sold or rented through real estate agencies – for everyone else, it is impossible to rent or buy without going through a broker.

Renters said unscrupulous brokers are a problem but ethical brokers should provide detailed information on the condition of the apartments.

Every tenant must have good budgeting skills to enable them to stay away from debt, as house and apartment owners often increase the rent each time you renew your contract, whether it is every six months or year.

The relationship between the property owner and the tenant is an important one – both have their responsibilities to each other.

Tenants, in particular, say they benefit from always being on good terms with their landlord, especially if they live in the same apartment block.

If the relationship is bad, more often than not the tenant will be forced to move out, which is an expensive and time consuming exercise.

It should not be forgotten that the property owner can at any time request the tenant to vacate the property and some house owners believe that keeping the same tenant for a long time is not good.

Whether you choose to rent or buy a property, people said the most vital part is to think thoroughly and comprehensively about which is the best option for your situation.