Finding a perfect abode to live-in would be a stressful task if you plan to move out of your present villa or whether you have planned to invest in a property that would turn into a profit in the long run. Before planning to buy or rent a hourenting or buying a home. make your choice, going through the list of following pros and cons.
Renting a home – Pros
- The lack of responsibility and maintenance
- The freedom to move whenever you want
- Fewer expenses that might be paid (including utilities)
- Can able to put your money into other investments
Renting a home – Cons
- Can increase the rent at any time.
- If you rent a property, you cannot build equity
- No tax benefits and cannot make any changes to your house on renting a property.
- Your landlord can evict you at any time and you are bound by the rules and obligations in your lease agreement.
Buying a home – Pros
- You have your own privacy.
- Owning a house brings a feeling of stability and settlement.
- You have the complete freedom of redecorating and renovating the property
- Can serve as an investment since you bought it and then rent it out to earn monthly profits.
- You can deduct your mortgage interest payment and also build equity while paying off your loan.
Buying a home – Cons
- Greater responsibility and potential liability
- Never realize the hidden costs until you become a homeowner
- Might be more expensive than renting
- It’s hard to pick up if you want to move for whatever reason
From the above points you can see, there are plenty of pros and cons to buying vs. renting, and vice versa. So it’s certainly not a conclusion that buying is better than renting.
So, before making any decisions make sure you’re willing to commit to long-term homeownership. If you think of settling down to start a family or build a career in a specific company or location, then you should highly consider buying a villa.