As we delve into this month’s theme of ‘Buying a Home,’ anticipate insightful articles every Sunday, providing practical perspectives and valuable tips on navigating the path to homeownership.
Purchasing a home is no small thing. It probably is a vast one-time real estate investment in an individual’s life. Hence, one often gets confused between renting a house or owning it. While the comfort and the feeling of owning a home supersede all other factors, here are some features worth the discussion:
Huge One-Time Investment
If you are in for a huge one-time investment in real estate, you can consider purchasing a house. This will also need a lot of financial leverage as a home loan will need to be taken.
On the other hand, if you are not currently prepared to shell out such a huge sum, renting a house can be apt for you as it will lead to a fixed cash outgo every month.
Flexibility of Shifting
If you want the flexibility of frequently shifting from one location to another, purchasing a house is not desirable for you as your money will be blocked in that real estate asset.
On the other hand, if your work/job requires shifting to different localities/cities from time to time, then renting a house will be a much better option for you.
Stability and Security
If you desire stability and security in life and want to have a sense of having things of your own, then you will want to own a house. Also, if you wish to have no interference from your landlord in any matter, you will be better off being your boss by owning a home.
On the other hand, if you are okay with living in someone else’s house and leaving as and when required, you are good to go with a rented space.
Maintenance Expenses
Every maintenance and repair work loosens your purse strings when you own a house. Every expense goes from your pocket.
When you live in a rented space, you can dial your landlord if any maintenance or repair work comes up! While this might seem insignificant to some individuals, repair work can be significant for older buildings/complexes.
Discussed above were all the features you need to consider and then decide whether to own a house or look for a rented space.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The article is for information purposes only. This is not an investment advice.
*Disclaimer: Teji Mandi Disclaimer
