Renting vs Buying the property!hnk_admin
Experience a new wave of Living.
First day at new job in an unknown city and still no place to live?
In such situation, one of the first decisions you need to make is whether buying a house instead of renting one is the right option or would you better off renting. Don’t make such decisions in hurry but analyze the pros and cons of both the scenarios before sticking to one as buying a property is one of the biggest financial decisions you will ever take. Given the sizable amount of money and pains involved in the process of buying a home, most young people prefer to go for renting an apartment.
Let’s evaluate the benefits of renting an apartment in parallel to drawbacks of buying a home –
- To fulfill the requirements of down payments, loan payments, Insurance, property taxes and other utilities, one’s pocket must be loaded with healthy amount of cash in order to buy a home. Looking at the hefty upfront costs associated with the purchasing of home, it’s better to start with renting a space and save on your wallets.
- As a renter, you don’t need to carry the baggage of financial responsibilities including regular home maintenance and repair costs. Be it any leakage or if an appliance stops working, a call to your landlord will fix all your problems. On the other hand, when buying a home, you will be responsible for all repair costs being the owner.
- Process of relocating becomes much easier and less time-consuming with low costs involved when you rent an apartment, as it eliminates the unnecessary pain one takes while selling off their existing apartment and furniture.When you aren’t sure how long you will stay due to job transfers or other family reasons, living in rented flats will be a wise idea both in terms of convenience and savings as renting requires no long-term commitment from a tenant.
- Fluctuations in the home values in response to dynamic economic conditions won’t be your concern if you are a renter whereas while buying a property, even 1% of change in the home values can blow a major impacton your buying decisions.
Always remember that decisions made in hurry always lead to disappointments so it’s better to wait and make the right call than rush into a choice you later regret.
The secret of happiness, you see, is not found in seeking more, but in developing the capacity to enjoy less. – Socrates