When it comes to the crucial decision of choosing between renting and buying a home, there are quite a lot of factors you must consider before finalizing your decision. While leasing allows you to live with a lesser expense and buying a home will enable you to call it your own, there are several points you must evaluate to ensure you make the right choice. This article aims to help you compare the significant advantages of this decision and make the best decision for yourself. So, read on!
Advantages of Renting a House
Lesser Expense
While buying a house can be quite an expensive deal upfront, renting one is much cheaper. It is an important aspect to consider as it can affect your budget immediately and in the long run. On the other hand, renting allows you to move in by depositing the security money and rent for a few months
Quick and Easy to Relocate
Renting is usually a short-term arrangement and allows you to relocate quickly. If you have to change cities in your line of work, it is advisable to rent a home rather than buying one and having to move out after a few years.
Advantages of Buying a House
Not a Purchase But an Investment
Buying a house adds an asset to your name, the value of which increases over time if maintained properly. Thus, it can be considered an asset and gives you the freedom to sell your house and make a profit when you like.
You Own It
The most significant aspect of buying a house is that you own it and can make crucial decisions regarding changes, modifications, and sale of the property as per your choice. You can choose to live there for as long as you like or move to some other city after selling or renting the place.
While there are several aspects you need to consider, the points mentioned above are the key factors that must be given careful thought. You need to think about your future and the present and your limitations of whether you can manage an EMI for several years or would be comfortable with dealing with the rent.
