Each individual wishes to possess own house. But not all are able to afford such huge expenditure as property purchase is a costly affair. Does this imply that renting is the only best option left with them? Not necessarily as the decision would vary based upon several other factors too. While many believe that renting a house is mere waste of money; some people are of the view that renting provides a host of options in terms of location, type and proximity to the workplace. We have compiled some important points related to buying vs renting a home to offer more clarity as to which one turns out to be the best option for you based upon several factors.
Primary advantage of buying home is asset creation. This valuable asset assures bright prospects of yielding excellent long term returns. It also brings stability to your life which is really important after you settle down with your family. On the other hand, one of the biggest advantages of renting a home is “Flexibility”. This is a great option for those who have just initiated their career they can easily change the house whenever desired.
You can make the desired changes in the interiors and designing of your own home whereas a rented home does not grant you this liberty. The government also helps homeowners by providing several tax benefits. In case of renting a house, you would have to pay more rent if you shift to a better house.Herein, buying ahome is a better option from the viewpoint of long term planning as then there will be a fixed EMI to pay each month.
Home-buying is a very important decision of life and thus should be a calculated one based upon several significant factors. Think long term, keeping your future plans in mind. As long as you are sure that you can financially afford a house, buying is surely a smart financial move.
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