Through the decades, one property debate has remained constantly unresolved – which is better, buying or renting? Most of the experts are one-sided, supporting either buying or renting a property. However, there are a few who would argue that it is a question with no absolute answer – that renting versus buying would depend on a given situation.
To the ones who are not property specialists and are here for research, it all sounds confusing, doesn’t it? Yes, it does; which is why I’ve decided to probe the heart of this debate by defining the goods and bads of both buying and selling. After that, we shall decide for ourselves. Let’s begin!
Advantages of Buying a Property
Nothing beats the feeling of coming back ‘home’ to a place that you have bought. Nothing. I mean it, and I know most of you will agree. Living in a rented place doesn’t even nearly feel the same. You might argue that home is where the heart is, to which I agree, but home is also a property that you own and are proud of having bought it with your hard-earned money. It holds a lot more emotional value as compared to a rented place.
Emotions aside, if we even consider technically, the value of a property keeps increasing with time. It will build you an asset out of an investment. You can sell it later or pass it on to your children and grandchildren.
Disadvantages of Buying a Property
The idea of buying a house that is your ‘own’ is alluring, but it also means that you’re signing up for a long-term commitment. Not everyone is okay with that. Arranging for the down-payment, worrying about a big chunk of your income disappearing from your pocket every month – it’s not everyone’s forte. Life tends to become a lot less compliant and flexible when you opt for buying a property. To add to that, now that you ‘own’ a house, you are responsible for all kinds of repairs and maintenance required on/for the property. You should also remember that a property doesn’t immediately rise in value and give you profits.
Advantages of Renting
This is the ultimate solution for people who get posted to another states/cities often. If commitment to your job requires you migrate every few months/years, renting is beneficial for you. If you generally like to travel and lead a nomadic lifestyle, renting is the best housing solution for you. Your life remains flexible, you have no worries regarding maintenance and repairs of the house, and you, in general, remain worry-free regarding your homespace.
Disadvantages of Renting
When you’re renting a property, you’re stuck in the endless loop of giving out money to your landlord, with nothing to your name, nothing that you own. You cannot renovate the homespace as per your liking, you can’t remove elements that you dislike, you don’t have the authority to exercise your absolute will on a rented property.
You, dear reader, probably must have chosen a side by now. Either buying is ‘your thing’ or renting is, or perhaps you deem them both in good light under respective circumstances. My job was to tell you about how buying and renting work. The rest is up to you to decide.
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