Buying a house is a matter of prestige and safety. The real-estate sector has seen a big slowdown due to the high rate of interest on home loans, besides people are of the conception that it is cheaper to rent a home than to buy a home. But investment in Real -estate is the best form of investment. Both buying a home or renting a home has their own pros & cons. So if you are thinking to buy a new home or rent a home, then we have listed down the reasons which will help you in your decision.
- Buying a house builds equity – Buying your own house builds a sense of equity as you don’t have to pay the rent besides, the rate of the property increases, and you will get a higher value when you will sale the property.
Also, the interest rates are low now, so rather than renting the house and paying the rent, it’s better to own the house and pay EMI at a low-interest rate.
2. Gives a Pride of Ownership – Buying a house gives Pride of Ownership to the buyer. You can do whatever changes you want to do in your own house. Also, the Owner of the house is not answerable to anybody for the changes they made in their house.
3. Home Maintenance cost – When you rent a house all the maintenance cost is to be borne by the landlord itself. You don’t have to worry about the repairs and maintenance or any other extra cost while renting a home.
4. No burden of payments- Renting does not overburden one with EMI payments, house tax, and other legal issues that are part and parcel of property ownership.
SO, Whether to buy a house or rent a house –
There are different costs associated with buying or renting a house, All the costs are dependent on whether you live in the city permanently or temporarily. Most rental properties require a security deposit so if you are renting a house be sure of all the repairs and maintenance are done by the landlord itself with proper utilities such as water, electricity, gas, or cable.
For homebuyers, the biggest cost of ownership is monthly mortgage payments. Having a sizeable down payment anywhere from 3 percent to 20 percent of the home’s purchase price is expected.
So, whether to rent a house or buy a new one depends on the current situation of the buyer. So, it’s important to evaluate your current life situation and then take a decision to buy a house or rent the same.