Buying a Home vs Renting One. Which is Better?

Buying or Renting a House

To buy a property or rent one is a complex choice for most young families. This decision cannot be taken lightly as it involves a lot of planning. From financial standing to building an emotional connection – investing in a house temporarily or permanently, comes with many attachments. Especially for those who can afford a house but have other setbacks, the decision is a heavy one. There are advantages and disadvantages to both options. We look at things to consider before taking a pick.  

Renting a House:

Most young families prefer a rented home while starting out, so as to ensure that they build a decent bank balance. This is a great option for those who have a job that requires them to relocate often or if they wish to get a house next to a particular school or hospital. 

Advantages Over Renting a Home:

  • A house can be a sturdy financial asset, which gives one the infinite freedom to do as they please, and not have any liability with the landlord. 
  • A property may not reap financial benefits immediately, but it is bound to be appreciative in the future. As a matter of fact, investing in real estate is one of the safest investments that tend to appreciate with time, and also one can reap tax benefits. 
  • Rent is a monthly expense that an individual has to undertake without having a physical asset. While the rent payable tends to increase on a yearly basis, the EMIs on home loads tend to hardly ever change. 

Read also: “Top 3 Cities Where People Invest in South India

Buying a House:

Buying a house first and foremost gives an individual the sense of pride of homeownership. It is an important decision that will not just bring security for an individual but for their family as well. 

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Advantages Over Buying a Home:

  • In case of frequent moving around for your career, a rented home will make the process easier.
  • In prime areas, property prices can be exorbitant, and renting one is more economical. One can choose to rent a house closer to preferred educational and medical facilities, as this could be more affordable.
  • The legal matters that come with owning a property such as a house tax and other documentation do not affect one while renting a house.

The financial repercussions of the choice between renting and owning a house can be a cause of the dilemma. It is, therefore, crucial to making a careful assessment of your financial state and your relocation prospects. 
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