The skyrocketing of property prices in the last few years has deepened the divide between people who would like to buy a property with those who feel that renting one is a better option. There might not be any conclusive answer in favor of any one, but if you are wondering which one to opt for, considering the pros and cons of each might help you to arrive at an informed decision.
Buying a Property - Pros and Cons
When you buy a home, you can have a space of your own and there will be nobody to dictate you on what you can or cannot do in the space that you have purchased. You can deck it up as you like, or even reconstruct a part that you wish.
With property prices always on the rise, SRMB House maintains that you can have a solid asset with you when you purchase a property. It can be a wonderful nest egg that you can bequeath to your dear ones. Also, if you opt for a fixed-rate mortgage, you can find a more easily predictable and stable finance than when you lease a property.
However, buying a property means you have to spend a lot on it and have to be tied to it for many years. You will have less flexibility, given that you cannot leave the place and settle elsewhere, leave your immediate job (if you get a house loan) etc. The down payment and other expenses can also affect your finances for a while.
You will also have to be responsible for the upkeep, maintenance, repairs etc for the structure. All such expenses can leave you dry at times.
Renting a Property - Pros and Cons
Renting can be the best solution if you like to move from one place to another, and hate the monotony of staying at one place.
If there is anything wrong in the property, you always have the landlord to fix those issues. As the tenant, you will not have to be responsible for any repair or maintenance work.
With rents going up and up, it can a personal drain on your finances to pay a big part of your income every month.
Having your own property can be like having an own shelter. At a time when there is little job security, staying for months without income means you have to manage your livelihood as well as rent. That can be a big problem in case of job loss. Also, you will not have any asset.
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