Renting or Buying is a never-ending debate. The housing decision plays a major role in our lives. It not only affects the savings at the end of the month but also a lifestyle you choose. People prefer buying a home when financially they are in an ideal situation. A good place is required to settle down and being a house owner it will help to grow an investment and a source of tax deductions.
On the other side, people choose the rented place all the time for the adaptability and fewer responsibilities it offers, despite the fact that they’d hoard bigger total assets, in terms of their owned place.
In the limelight, housing affordability is a big issue. You can say neither owning a house is better than renting, nor renting is easier than owning. Collated below are the pros and cons of renting or owning, which will help you to figure out the best.
Advantages of Renting a home:
Disadvantages of Renting a home:
Advantages of Buying a home:
Disadvantages of Buying a property:
Whether you buy a property or rent, it is not only about money but also a comfort and your vision for life. Reaching a conclusion for Buying vs Renting is not an easy street. The factors like financial resources, lifestyle, investment, family desires, and wish to bear risks matter while buying or renting a property.