Buying or renting a flat is a dream or a lifetime goal for many. However, it can be different for many too. Many people buy houses to live there for the rest of their life. On the other hand, many people hate to stay in one place for a long time. So, they prefer taking flats or houses on a rental basis. In this case, it will be helpful to mention that if you are looking for a flat to buy or rent then you can connect with Realtech Nirman. They have been serving the real estate industry for a while now. Their experience will help you to choose the right property for you. Although there are advantages and disadvantages to every choice or decision.
In this blog, I will focus on the advantages & disadvantages of both which will help the buyers to decide which one will be better for them or will serve their purpose; buying or renting. So, let’s get into the blog.
1. What are the advantages of buying or renting a flat?
A. Hustlefree life:
When you become the owner of your house, you are not going to depend on anyone or you are not answerable to anyone. No one can tell you how to live or what you can do with your living space. On the other hand, if you live in a rental place, you are bound to answer your landlord. You have to depend on your landlord for water, electricity, maintenance, and almost everything else. Many times, landlords impose unnecessary conditions as well. So, basically, buying your own flat or house helps you to get rid of landlords.
B. Feeling of safety & security:
When you buy your own space, it gives you a feeling of safety. It helps in making your future secure as well. When you buy a house or flat, you don’t have to run from one house to another house. This also helps reduce the hustle of your life, helps you feel stable & also helps in focusing on other areas of life.
C. live life on your own terms:
Rent is a regular cost and if you are looking for a flat with amenities then the rent goes on the higher side. This feature makes a burden on the consumers. They have no choice except to make compromises. Consumers either make compromises on the quality of life and amenities or they make compromises on other aspects of life to reduce the living cost. However, if you buy a flat, you do not have to bear this regular cost for your life.
D. Serves you for a long purpose:
Buying a flat or house is not all about buying a real estate property. It is a future investment. The demand for real estate properties is increasing and it will keep increasing with time because of the increasing population. So, if you face any issues in the future you will be able to sell it. Most of the time, this also helps in feeling stable and provides a certain amount of emotional security.
E. Saves your money:
Most Of the time buyers take home loans for buying real estate properties and these home loans always save them money. Home loans help with tax benefits. For example, you can save up to 2 lakhs rupees in India from taxes if you have a home loan under Article 24 (b). On the other hand, in the case of renting, you get no benefit out of the deposit money and sometimes the deposit money is really higher. So if you want to save money, buying a flat is one of the best ways.
2. What are the advantages of renting a flat instead of buying?
In the above portion, I have mentioned the benefits of buying a flat. Now it is the time to look into the other side of the coin. It is time to focus on the advantages of renting a flat instead of buying.
A. Zero maintenance cost:
When you are renting a property, all the responsibility of maintenance goes to the owner. Owners are responsible for all the maintenance and renovation costs etc. For example, if one of the applications of the house stops working or the bathroom pipes start to leak, the owner is responsible to fix it. So there is no maintenance cost from the tenant’s end and no responsibility as well.
B. Lifestyle:
In today’s scenario, most teenagers or working professionals are changing their city for their career aspirations. They are also not sure about living in the same city for a long period of time as well. So, buying a flat or a property makes a burden on them and they feel it is a waste as they are not going to live there for a long time. Renting a property suits their flexible lifestyle while not making any burden on them.
C. Saves you from property taxes:
When you are buying a property it is important for you to pay a significant amount of attention to the taxes. Sometimes these property taxes can be really high on the basis of the type of property or area. However, if you rent a property then you will be free from this. The responsibility of property taxes will go to the owner only.
D. Lesser concern:
As I have mentioned before, buying a real estate property is an investment. You will be able to resell it at any time in the future. However, it is a big concern for the homeowners too. Real estate volatile industry. The value of the properties goes ups & downs at a regular period of time and this makes a huge headache for the owners. However, tenants are excluded from this type of headache.
E. Fixed budget: Many times property owners buy a flat in a posh area but after a while, they face financial burden to live in that area or specific apartment due to the other expenses. However, you will never face this issue if you are renting a flat or a property. Usually, tenants have a fixed budget and they find options in the budget. So, if they think that the rent is increasing or the other expenses are increasing unnecessarily, they will shift to other options.
F. Liquidity:
Buying a property increases your equity for sure, however, it reduces your liquidity too. Buying a property is always a huge cost. It does not end with the listed price. There are many hidden costs such as taxes, registration fees, maintenance costs, and so on. On the other hand, renting a property can increase your liquidity and you can follow your dreams freely.
G. Inexpensive & easy:
Buying a home is always expensive because we try our best to buy the best flat or property. At the same time, there are many things associated with it such as taking a home loan, registration and you will need a lot of time for that too. However, renting involves no such steps. You need to take any home loan etc and you can change it anytime you want. So definitely renting a house is always an inexpensive and easy option.
3. How does buying a property affect your life?
Buying or renting a flat will give you a sense of stability and it will also provide the much needed emotional support as well. It will help you make money management better than before because the regular expense of rent will not be there. At the same time, as you will be the owner of your life, you will be able to have better control over your life. However, many people disagree with this idea because they think that they have to live in one city for a long time. Well, that’s not true. You can put it on the rent too. It will make an alternative income source for you and you can sell this property in the future if needed.
4. How renting a property can affect your life?
Rental properties always put financial pressure on you. At the same time, you have to be ready to change your place or property anytime soon, and finding the right property with all the amenities is not easy at all. So, basically, rental properties make financial & emotional pressure both. Many people think that handling your own property is difficult. Now it’s not right. In every apartment, you will get a managing committee that takes care of all the maintenance work. At the same time, there are a lot of applications where you can hire a plumber or an electrician in the blink of an eye.
Final words: I have mentioned the advantages of both options for the readers which will help them to make the right decision. It should always be the buyer’s own decision. However, according to me buying a property is always the best idea. This will help you in stabilizing your future.
