Renting Vs. Buying a Home- The Pros and Cons

Renting Vs. Buying

When there are many people who think owning a home means fulfillment of your dream of having a dream house, there are lots of people of different opinion. According to them, renting a home means staying away from all maintenance hazards and recurring costs. Now, the debate will go on and it is really very difficult to come to any conclusion. It will be better to know the advantages and disadvantages of both matter and then decide by yourself.

Renting Vs Buying a Home

Advantages of Renting a House

It is true that getting flats for rent in Pune or other cities and outskirts is getting difficult as the demand is high. There must be some reasons that people are rushing for rented house. Here are the pros of getting a rental house-

  1. Renting a home is always cheaper idea than buying one. Your rent will cover utility costs and you need to pay much lesser than owning a house.
  2. There is no recurring cost while staying in rental house. You don’t need to pay anything for maintenance and repairing. Just call your landlord and h/she will take care of everything.
  3. You are free from buying everything of your daily needs as there are many landlords who give their house at rent with all the amenities. For example, you can have the shelves at kitchen walls or cabinet drawing room to keep your materials.
  4. There are many landlords who let you personalize their property during your living. You can paint or hang a beautiful landscape if your landlord allows so.

Disadvantages of Renting a House

If there are some advantages, some disadvantages must be there. What are the disadvantages of renting a house?

  1. The rent is not a fixed amount. It will grow per year.
  2. Rental house is not your property. So, you have to be very careful of using it as any damage can eat away your security deposit.
  3. All landlords are not good. If there is any hidden clause in the lease and you miss it, you can be in big trouble.
  4. You can’t fix anything damaged in the rental house. And if your landlord is not co-operating, your living can be difficult.

Advantages of Owning a House

Do you think buying a house is your thing? Maybe, you are going on the right track. Know the pros of owning a house-

  1. You can enjoy your privacy.
  2. Houses are great investment as the value will increase day by day and you can think bigger for future.
  3. Paying interest and property tax of mortgage payment work as tax deduction.
  4. Having homeownership is something about pride, incomparable to anything.
  5. You can use it as rental property which can be a source of extra income.

Disadvantages of Owning a House

  1. You are sole responsible for any maintenance and repairing.
  2. Having a home means you are tied in long-term financial commitment.
  3. Buying a home requires a bunch of money ready at your hand for down payment.

Now, you have clear idea about the benefits and disadvantages of both processes. This is entirely up to you to decide which one suits you according to your lifestyle and future planning.