Home Buying vs. Home Renting:
Which is the Better Choice?

Buy or Rent home

Should I buy a house or rent a house?

    This is a major query in these days, especially among the people who are commuting from 1 place to other. Bothe choices are best and worst at their own features and options. Above mentioned options are attached with your financial health and some other factors.

    In this guide we’ll share with you positive and negative aspects of above mentioned query.

 

Home Buying: A Step toward Ownership

    Home buying is proper choice after you are strongly healthy with your finance. However buying home has its own advantages and Disadvantages as following;

 

 Advantages of Home Buying

Ownership

After you buy your own house it means you’ve invested your money in your future. After buying the house you become the owner of your own property for which you get the rights of all types.

Stability

Buying your own house makes you feel stable when you hear the people renting house complaining about landlord conditions and sudden rent increase. After you buy your own house you’ve no worries of renting house issues.

Freedom to Personalize

Houses are the presentation of family personality, for this purpose personalization of the house is a feature which can be implemented on your own houses without any worries. In your own house freedom of personalization is another advantage for buying your own house.

 

Disadvantages of Buying a Home

    After we’ve discussed the advantages of buying house now we’ll discuss the disadvantages of buying a house.

High Upfront Costs

    The first big disadvantage of buying a house is that you are to pay high Initial investment for which you’ve to cut your other expenses and other utilities. Furthermore in case of installments you’ve to compromise you monthly savings etc.

Maintenance Responsibilities

    After you buy your own house you become responsible for maintenance of house look to keep it always fresh.

Lack of Flexibility

    Buying your own house snatches flexibility of moving freely from one place to other especially if you are having a transforming routine here and there.

 

 Home Renting: Flexibility and Convenience

    Renting a house instead of buying your own shall offer you flexibility and convenience. Renting a house has its own advantages and disadvantages as following;

 

Advantages of Renting

Lower Initial Costs

    To rent a house you don’t need any high investments before you get a residence in a dream house. To rent a beautiful house you just need to pay a small security deposit to get your residence in any posh area.

Flexibility

    Flexibility is another advantage of renting a house as just leave the house and move on. You don’t have to wait for selling house before you leave the place.

No Maintenance Responsibilities

    If you rent a house instead of buying you are not maintain the house as this responsibility of landlord to maintain the house for you. You are not to pay for maintenance costs that saves money for you.

 

 

Disadvantages of Renting

No Ownership

    If you rent a house, you monthly pay rent and at the end that house doesn’t become in your ownership. This a major Drawback of renting home that there is no ownership of yours.

No Freedom to Alter

    House is presentation of your personality that’s why its appearance should be in accordance with your taste. If you rent a house then you don’t have freedom to alter that house in accordance with your choice.

No Stability:

    In a rented house you can’t feel stability as there may be a sudden high increase in rents, or Landlord decides to evacuate that house from you or some other issue with house owner.

 

 

What should be decided?

    In above lines we talked about ups and downs of both buying an renting a home you may decide at your own risk but here are some key factors to  keep in mind to decide about buying or renting a house.

 

Financial Health

    Before you decide take a look at your financial health if you can afford high investment as initial amount and manage monthly installments then you should decide buying a house.

Asses your needs:

    Assessment of needs is another key factor to decide buying or renting home that shall help you decide. If you need a house for short term or you are a seasonal birds that flies here and there for short times then consider renting a reasonable house but if you’ve decided to stay in specific location then you should go with buying home.

Search Market:

    Searching market before you decide can help you decide as there are some schemes that offer very reasonable prices for buying home at the rates of renting budget

 

My Advice?

    If you consult with me about buying or renting then I shall advise you go with buying a house because if you buy a house it means you’re investing your money which can’t be stolen form you if you’ve paid a kind attention to details on papers and legal formalities before buying house. If you’ve bought your own house then and you are leaving that location offer your house for renting to others that shall become a source of income for your future. Inshallah. There are some housing societies that offer very reasonable prices in shape of monthly installments.

 

Conclusion

    Deciding buying or renting home is solely your personal decision. But before you decide take a look at advantages and disadvantages of both buying and renting. In the above mentioned goods and bads of both choices are described for your consideration.

    To finalize this article I prefer Buying a house instead of renting because if you buy a home then you’ve invested your money for which you shall gain in case you sale your house or offer it for rent to others. Now a days real estate agents have started schemes they offer you built houses for very low advance payment and later installments instead of rent.

 

What is you opinion? 

Tell us in comments..