Whether, you wish to rent a house or book it the decision has its implications. Hence, if you are wondering which decision will be fruitful, educate yourself about the process of both renting and buying your chosen property and decide for yourself.
Here are some pointers to help you in making your choice –
- Maintenance: buying your own house gives you the flexibility to have the space modified as per your liking. It gives you the freedom to live as per your own rules. However, when you rent a house you might not enjoy such freedom to change the look and feel of the house. Besides, you will be required to keep the property in good condition and at the time of finishing up the lease you might have to pay for any damages, wear and tear.
- Cost of the property: once you purchase a house you are only liable to maintain it or have it renovated as per your taste. You may opt for strategic house loan from leading lenders such as NBFCs and financial institutions. Your home can serve as a long term investment which can be easily passed on to to your future generations. Whereas, when you rent a house the rising cost of living and increasing rentals may have you move the house sometimes few and sometimes several times. The money that you shell out as rental could very well be your EMI when you take the decision of purchasing a house.
- Appreciation: the property that you buy today will get appreciated in a couple of years and prove a worthy investment. While, in case of renting the rate of appreciation may not affect you directly as the property does not belong to you. But, in certain cases your rental may increase depending on the discretion of your landlord.
Reference Read: Renting vs Buying – Advantages & Disadvantages