Every home seeker comes across this question and in fact, there is no perfect answer to it as it is purely subjected to economic circumstances and personal choices. This question is thus quite a debatable topic. In order to find out what best you can do, it is better to analyse the pros of both buying and renting a place and then make a subjective decision.
The Pros of Buying
- Investment in Future Assets: Purchasing a place is no less than making a secure investment in the future which if chosen wisely can lead to great ROI in the coming years. Besides, you are less likely to find it a major burden if you are already staying at a rented flat especially in a developing city like Ghaziabad, Greater Noida or Jaipur in the North circle. This is so because your rent can be cut down and you will be paying it as EMI for a certain number of years with some interest on the base amount.
- Forever Community Interactions: Settling down in a good locality in a permanent manner is quite helpful as you can better socialize with friends, local vendors and other residents. This forms much better relations as opposed to tenant relations that are superficial and fade away as you move out.
- Liberty of Decoration: If you own a place, you have full rights to renovate it or structure it in the way you want. You can have complete control of the activities that you wish to perform and would not have to depend on your landlord to grant you any permission.
- Financially Stable Direction: Once you are a home owner, one of the major struggles of your life is over and you can plan a secure financial path ahead.
The Pros of Renting
- Flexibility of Movement: Renting a place is quite easy on capacity or location chosen. Even if you are not sure in which city or location you have to rent a flat or whether it should be 2BHK, 3BHK or 4BHK, you can start off somewhere and later pack your bags and move to a better place without giving a second thought.
- Freedom from Fiscal Constraints: A rented flat is never a burden. There is no responsibility that you have to take and thus, you can stay relieved even if you are running a little tight on your pocket.
- Maintenance Expenses are to be borne by Owner: In case there are any issues with the place, all repair and maintenance expenses are to be borne by the land owner. The renter just has to inform the owner and have the problems fixed.
Based on the pros of each of the property acquisition types, you can make the best choice ahead!
