Do you know – what is the biggest decision of everyone’s life?
Yes, buying a home is one of the biggest decisions that anyone can make.
On the other hand, many homebuyers are in the doubt that – their decision of buying a home is right or wrong because the average person changes their mind regarding their choice within a few years.
On the other hand, there are many advantages to buying your own home, but there are disadvantages too. And both advantages & disadvantages depend on the conditions of the individuals.
This means that for many people, home buying is a good decision and for other renting a home is a better decision. Let’s talk about the advantages of buying or renting the home.
Advantages Of Renting
You saving is more predictable:- Homeownership has no predictability about expenses & saving. As you don’t know what type of maintenance work is waiting for you ahead in this month like plumbing work, fixing short-circuit in electrical wiring, white-wash and other which needs lots of money & time to fix. But on the other hand, in a rented home, you are just paying the fix monthly rent.
Renting costs less money:- Monthly rental costs less than Home loan EMI’s, and the huge amount that would generally be used toward a down payment of the home loan can be invested into savings accounts that give the best interest.
Less of a tax impact:- The renter has no or very less tax impact on their financial state. The renter is not impacted by such items as property taxes that can vary frequently.
The cost of the move-in is lower:- You can move in your rented apartment without any down payment by paying very less deposit amount. Tata Primanti Rent is a best-rented home in Gurgaon where you can rent a 3 BHK Apartment with just paying Rs. 48, 000 with 2 months security deposit.
Things To Know Before Renting A Home
Yes, there are many advantages to renting a home but there are many aspects which you should keep in mind with this decision.
The renter should know about the terms before signing.
The renter should know how to save their security deposit. This can be only done by check the property condition prior to signing lease paper. All the existing damages must be documented.
Advantages Of Buying
- Buying a home can be less than renting:- There are many examples in the market where the cost of buying a home can be less than renting.
- Total control of the property:- The possessor has total control of the property, where you don’t have to deal with the landlord for the repairs and maintenance.
- Emotional Security:- Home buying gives your family a special kind of security of own space, where you & your family members can return after a tiresome day to get a sense of security and comfort.
- Tax Benefits:- Home loan principal amount and interest repayment get you attractive tax benefits. And keep in mind, renting a home is more expensive than just the rent you pay because here you are not earning but only spending, which is like killing the money.
- Easy financing option:- Owning a luxury home in Gurgaon has become easier thanks to the availability of easy finance options. Actually, these days every residential project from reputed real estate.
Things To Consider When Buying A Home
- In spite of the various advantages, there are also few things that home buyers should keep in mind while buying a dream home.
- The home buyer is accountable for more than the home loan payment. There are also some taxes to be concerned with home buying.
- As a home buyer, you have less flexibility to move of choosing a new job in another city.