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Advantages and Disadvantages of Renting and Owning a Home


Advantages and Disadvantages of Renting and Owning a Home

In today's article, we will learn about the advantages and disadvantages of renting a house or owning it. Whenever we go out somewhere, we have two options, either we can buy a house in that city, or we can live in a rented house . Many people get confused whether they should live on rent or buy a house. If you have shifted to a city, or are thinking of shifting, before taking your next step, it is very important to know the best option for you.


Advantages and Disadvantages of Renting a Home

If you are planning to rent a place to live. So before this you should keep some things in mind. Below you are told about some advantages and disadvantages of renting a house. Let us first know about the advantages of renting a house:


Advantages of Renting a House:

  • When you live in a rented house, you get more freedom. If you have to go somewhere, you can easily make a decision and go out.

  • You do not have any responsibility related to any kind of repair and maintenance of your house. It is the responsibility of the landlord to get all the things repaired in the house.

  • You know how much rent you have to pay in a month. If it is your house, then the cost of its maintenance and many other things increases  gradually. 

  • Usually whenever you travel, or go out to another city for a time period, then renting a house there can be a good option for you. Because the responsibility of a rented house is less.


Disadvantages of Renting a House:

  • If you live in a rented house, you have to make a rent agreement and if you have not made an agreement for your house, then your landlord can increase the rent anytime.

  • Then you will not have equity, although you will have a house, but it is not your property.

  • You do not get any benefit in renting a house.

  • If you want to make any kind of change in your house, then you will need the permission of your landlord for that.

  • People who love pets have to take permission  to keep pets while renting a house because in many houses, pets are not allowed.

  • If ever the landlord gets a higher price for his house, then he can sell it, due to which you may have to vacate the house.

  • Apart from this, when you go to live in a house, or take any property on rent, then you are always bound by the laws given in its lease agreement.


Advantages and Disadvantages of Buying a House

Whenever we want something, be it a house or something else, it has both advantages and disadvantages. Similarly, buying a house also has both advantages and disadvantages. Below you are told about both of them:


Advantages of Buying A House:

The biggest advantage of buying a house is that you are the owner of that property, which is a matter of pride.

  • The biggest advantage of buying a house is that you are the owner of that property, which is a matter of pride.

  • You can customize your house according to your needs, for example: if you want to build a bathroom in the house at some other place, or you want to close a door and install it somewhere else, you have complete freedom in this way.

  • Buying a house means your long term investment, whose value increases very fast with time.

  • After buying a house, you can also rent it out, which gives you financial benefits.

  • Your house helps in making equity of your money, due to which your wealth keeps increasing with time.

  • If you are a homeowner, then you can hand over a valuable asset to your children.

  • You can keep pets in your house, you can renovate any part of your house.


Disadvantages of Buying A House:

  • You have a lot of responsibilities towards your house. In which you have to take out time for the maintenance of the house, minor repairs in the house every now and then. 

  • You do not have to pay rent to live in it. But your property tax may increase.

  • When you buy a built-in house, its value decreases over time. Because the shape of the house keeps changing every few years.


Renting or Buying a House Which is Better


Renting or buying a house mainly depends on many factors. The most important role in this is money. Apart from this, it is also decided where you are going to live. Or for how long you have to stay there.


Apart from this, what do you have to do in the future? All these roles matter for you to rent a house or buy a house. If you feel that now you have to move forward in your career, settle down, or work in a company for a long time. In such a situation, you should start saving money to settle down.

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