Renting Vs Buying a Home

Many of you have property. Often a time comes when you have to rent a property or buy it. This could be due to many reasons. Whether you rent a property or buy it there are many pros and cons. So always evaluate them in order to take final decision. Here are some pros and cons of renting or buying a property. 

Advantages of renting a home

• When you rent a property then there is no need to pay any tax.
• You just pay small amount of deposit instead of paying lump slump.
• All types of maintenance are responsibility of owner or its managing agents.
• If you buy the home then it is difficult to move immediately. But when you rent a home and you don’t like the area or any other thing then you can easily move to some other location.
• There is no need to pay building insurance.

Disadvantages of renting a home

• You can not enjoy the ownership of home.
• Rent of home can be increased whenever property owner will want.
• You can not make any structural change as you are living in a rented property.
• You have to leave that home whenever home owner will say. Some time it’s on such a short notice that it becomes hectic for you.
• It is possible that your payments may not be covered with rent amount.

Advantages of buying a home

• Buying home can be a good investment especially when prices rise.
• As it is your property so you can make any structural changes. You can decorate it according to your own choice.
• You can borrow against your home.
• It’s totally your decision that when you sell or move.
• You can save yourself from monthly hectic of paying rent.

Disadvantages of buying a home

• You need to pay lump slump amount when you buy home as compared to renting where you pay small deposit.
• You are entirely responsible for any type of maintenance and repair.
• When you buy the home then you must pay any legal charges like tax, stamp duty and solicitor charges, registration fee etc.