Buying a home is a goal for many people in India, but does it make sense when you don’t have enough funds? Then don’t you think renting a home rather than buying it makes more sense. Well, the answer depends on various factors. Deciding between buying a house or renting a house is always an unsettled topic as both have their advantages and disadvantages.
Buying a house at once may feel like massive spending of money. But, after some time, you will know that it’s an investment that will help you secure your future. Whereas renting a house feels like you are saving money that is required to buy a home. Deciding between renting or buying a house is a crucial decision to make as it affects everything. Be it your lifestyle, your financial status and many more things.
Most people prefer to buy their own home as they don’t want the hassles of the landlord. But is it possible with the increasing rate of properties? No, because everyone cannot afford to spend too much money and they go for renting a house rather than buying it. Many people who have enough money to buy houses. Whereas others go through picking the decision of renting or buying.
If you are planning to buy your house but are confused between renting or buying it, then this blog is for you. This blog focuses on the advantages and disadvantages of both buying and renting. Let’s start!
Advantages of Buying a House:
1) Your house is your biggest investment and will provide you with huge profits.
2) You get complete freedom when you buy your own house. You don’t have to go through the tantrums of the landlord.
3) Buying your own house saves you the money that you pay on monthly rent.
4) Buying helps you secure your future.
5) When you purchase your own home, you get multiple tax benefits on it.
6) Buying your own house saves you from the uncertainty of being kicked out of the house.
7) When you rent a house, you have to move sometimes due to some circumstances which waste your time as well as money. But, when you buy your own home you don’t have to move. You have to stay there only.
Disadvantages of Buying a House:
1) We all think that if we buy a house, its cost will only increase. But sometimes, the value of the house decreases. Which can provide you with loss. The cost of your house also depends on how you maintain it. If you don’t maintain your house and it’s not in good condition, there are high chances that the value of the house will decrease.
2) Buying your own house gets very expensive, not just the buying cost but the maintenance cost and the moving cost. Supposedly you buy a home that needs some repairs like the house needs painting or some furniture. You can’t ignore these expenses. You will have to get all the repairs and fixes done by you only.
3) The process of moving and getting settled in a new house gets very time-consuming.
4) You have to go through the troubles of dealing with all the fixes and repairs of the house.
5) You get restricted as you can’t leave your house alone for a long time.
Advantages of Renting a House:
1) Renting a house saves you from spending the large amount required to buy a home. You can rent a similar house that you want to buy and start living there.
2) One of the greatest advantages of renting a house is that you don’t have to worry about maintaining it. All the repairs and fixes are to be done by the landlord itself. You don’t have to be worried about anything as it is not your responsibility.
3) Even if the value of the house decreases, it won’t affect you.
4) You can move to different houses from time to time and experience living in various locations. You are not restricted to another location as you don’t own that house and easily travel anywhere.
5) You can rent a house which is closer to your office, school or college. It will also save you from the travelling cost and time.
Disadvantages of Renting a House:
1) You have to face the troubles of landlords.
2) If you rent a house, you don’t get a lot of freedom. You have to ask everything with your landlord. You can’t do a lot of parties, and your landlord can visit home anytime he/she wants.
3) The rent of the house can increase over time. Your landlord can make a new agreement and change the amount of rent.
4) You don’t get a lot of stability in renting. Your landlord can also kick you from their house. Sometimes when the price increases or your landlord needs some money, they decide to sell the house. Which further results in the termination of the contract.
5) You don’t build your equity over time. If you continue to live on rent, you don’t get any chance to make your equity.
Buying a house is one of the biggest decisions in life to make. There will never be a clear answer to this question whether to buy a house or to rent one. But before making a proper decision, keep your Financial condition, location of the house, your lifestyle, real estate market conditions and tax policies in mind.
If you have enough budget, then go for buying a house. As it will help you in your future and it will be something that your kids will also enjoy. Otherwise, look for a house that you want to take on rent.
If you are ready to start your new life and looking for a new house, you can contact us at Hirola Infra. We have the best offers and deals waiting for you. We will find you the home that is perfect for you and you fall in love with. Feel free to reach out to us. Our agents will be glad to help you.
Thank you!