Advantages And Disadvantages Of Buying Vs Renting Property
An age-old debate has always been on the cards whether it is better to rent out a property or to buy a place and call it your home. Both these options have their own pros and cons.
People who wish to stay in a particular place for a long time tend to buy the property, whereas renters generally consist of college students or others who have just moved out of their hometowns or a new city or newlyweds who are looking for a home to temporarily live in before they save enough to buy their dream house.
Let’s dive right into the details:
Advantages of buying
There is a sense of pride and security in owning your own house.
Rent needs to be paid every month and is an expense that needs to be handed down regularly.
While renting, you often have to relocate which is a waste of money, time, energy, etc. Buying property doesn’t come with those problems.
Investing in real estate is the safest investment. It also comes along with capital appreciation and tax benefits.
Advantages of renting property
Renting doesn’t require EMI payments, large taxes of different types, or other legal issues that come with owning property.
Renting usually provides a lower liability. Renting in metro cities costs between 10,000 to 20,000 rupees a month. Whereas the EMI on buying a home is anywhere between 30,000 to 40,000 rupees at a minimum.
One can rent property in the area they prefer, maybe closer to schools or workplaces. This same freedom may not always be available if one is considering buying the property.
A great deal of analysis and consideration needs to be done before making the decision. Also due to the coronavirus situation, it got really difficult for those who were laid off their jobs to pay rent, while the situation was better for those who owned their homes. Whatever the decision may be, services offered by Unplan can help you scope, procure and maintain the best of properties.
Keywords- Property, buy, rent, tenants