Many people while considering the topic of home are often confused that whether they should buy it or rent it. It might be their dream to buy a home but the rising prices are causing a hindrance. However, money is not the only option that you have to consider while buying or renting the home. There are also many other factors that must be included like:
If you are looking to buy a house, you will have to take care of every inch of the house. You must be ready for this responsibility because if you do not maintain your home you will not get a good price while selling it. On the other hand renting a home, the responsibility of maintenance is not very high because it is the job of the owner.
You must consider whether you like to live freely and explore new places or the same job and the same city is perfect for you. Considering this fact will help you make the right decision because buying a house will make you bound to the city.
Secure job and family planning:
If you have a secure job and you love it then moving to different cities is not a good idea. In the same way, family is also important. If you are going to have a family very soon then future planning is important. In this case, you should buy a house because it does not look nice changing the house every now and then because it will disturb the schedule of your children.
Apart from these factors buying and renting both have their advantages and disadvantages. So now, let us consider them:
Pros of buying:
- You get the ownership of a property.
- You can make deduction in the mortgage and taxes on your home
- You can décor the home the way you prefer, you will have complete control
- You can make changes to the house on your own terms either by yourself or by hiring a contractor.
- You might have to sell the house at the wrong time
- Have to pay down payments
- No flexibility
- Renting a house have a lower cost upfront
- It allows you the freedom to check whether you like the area or not and you are free to pack and change the area or city whenever you like.
- It will help you save money that you can invest in another profitable business.
- If your career requires moving to a different state often or you like to change job whenever you get an opportunity, only renting will provide you such flexibility.
- You might be afraid of a pay cut in the future that might alter your schedule of house mortgage payments in such situations renting house is the best option.
- No control over the raise in your rent
- You cannot décor the house as you wish
- You are bound to proprietor's decision.