Buying a property or renting a property is a never-ending debate. While there are pros and cons of both the options, it eventually narrows down to one’s personal choice. If you are thinking about the pros and cons of the ‘rent vs buy property’ then here are a few points you can consider.
1. Renting a property is a convenient and affordable option if you have just started earning as there is no overburden of paying a monthly EMI. Rent is a recurring cost, on the other hand if you own a house, you won’t have to pay this amount after the loan is paid off.
2. However, when you buy a property, you will have to take a home loan, you can avail tax benefits for the same. Bank provides around 85% loan and the remaining 15% should be managed by you.
3. Renting a house gives you the flexibility and freedom to move and relocate whenever you want. On the other hand, buying a house gives you a sense of security and stability.
4. You have a real estate property by your name, it is your investment, whose ROI only increases with time unlike that of any other assets.
5. After the loan is paid off, you can in fact generate an income by leasing the space if you are staying somewhere else.
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Should I buy a property or rent it? I have a job which might or might not require me to move cities.
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2020-08-07T13:41:23+00:00 2020-11-11T16:22:45+00:00Comment
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