Rent or Buy – The Eternal Challenge

Rent or Buy The Eternal Challenge | Hiranandani Communities 

Rent or Buy – The Eternal Challenge
Hiranandani Communities | 03 June,2018

Rent or Buy

Many people wonder if buying a home is the best option for them or not. There are many benefits of buying an apartment but there are disadvantages as well. This indicates that renting may be a good option for them. So, is buying a property better than renting one out? Let’s explore.
Advantages of buying a house 

  • Offers long-term benefits: Owning a home offers advantages of equity, potential growth, and security in personal wealth.
  • Enhance your social status: Buying your home is a sign of success and achievement in the society. Your status and wealth are measured by the apartment you own. So, by buying your house you can improve your social status.
  • Allows you to make changes in the apartment to suit your style: As a homeowner, you will have creative control of your property. You can also make changes to your property in terms of landscaping, renovation, and décor changes to suit your style and needs.
  • Provides you with a sense of security and comfort: When you buy a house, you provide your family their own space. Returning to your house also brings a sense of comfort and security.
  • No issues with landlord: When you buy your home, you will not have to deal with a landlord. When you are in your own home, you are in control.

    Things to consider before buying a home

  1. Location: When buying an apartment, location also plays a very important role. Decide whether you aim to live in a quiet suburb or a bustling city.
  2. Budget: You should not look for a property that is more expensive and the one you cannot afford. This generally causes frustration and affects the search for a suitable property. You need to have a budget and work within it.
  3. Purchase a house that fulfills your needs: You need to buy a home that fulfills your needs. Do not invest in a very small property or an apartment with less space. You need to determine your needs before you decide to start house hunting.
  4. Find out about the hidden costs: Before buying, try to find out about the hidden costs. You should also take into consideration the transfer fees, conveyance fees, and the deposits for lights and water. You need to make sure you have enough cash to take care of all the additional costs.

    Advantages of renting a house

  • Renting a home is cheap: Renting an apartment is cheaper than buying a home. The payment tends to be lower compared to a house payment. Your rent may also cover utility costs.
  • The responsibility regarding property is less: When renting, the duties regarding the property is shared between the tenants and landlords. Other repair costs such as cracked floors and the seepage are the duty of the landlords.
  • Renting requires no long-term commitment: Renting a property allows you more flexibility than buying an apartment. This is ideal for those who are faced with situations such as job relocation. It also does not require a long-term commitment from the tenant.
  • Renting does not need huge investment: Renting allows you to stay in the area that you may not be able to buy. It also requires signing a deal that exceeds a period of 11 months.

Things to consider before renting a house

  1. Determine what size of apartment or house do you need. You should also consider other factors such as the type of the building the apartment is in and size of other rooms.
  2. You also need to decide on the price range that you can afford. You should also think about the cost of utilities as well. The rent should not be more than 30% of your monthly income.
  3. You also need to be sure whether your landlord is trustworthy. You would be reliable on your landlord to complete the maintenance on time, return your security deposit and not visit the apartment unsanctioned.
  4. Owning a house gives you a sense of security as it is considered asa long-term investment. Whereas, renting a property does not require a long-term commitment from a tenant. So, you need to consider the benefits and drawbacks that will help you in making a better decision.