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RENTING Vs BUYING A HOUSE

Posted on Sep 26, 2015 by Admin
 
Introduction
 

Many people stay confused between the renting or the buying of a an house or property. There are many advantages as well as disadvantages of owning a house as well as renting a house. Everyone has its own ideas and thinking about this topic, some believes that renting a house is more better and some do believe that owning a house is very much better. The truth is that there is no right answer that can predictor determine that which one is more convenient renting or owning.There are numbers of considerations that one must make while taking the decision and your own financial position may be the biggest factor for all.



Advantages Of Renting



  1. No maintenance is required : while renting out a property each and every responsibility of the maintenance of the property belongs to the owner. In case of any requirement like plumber, mason, carpenter etc you just need to call the superintendent.



  1. It is easier to move in : If you are in a job in which you have to relocate at every fixed time, then it is easier for you to renting a property as it will help you to move in easily as shifting from owned house is very difficult and you can’t leave your property any how.



  1. You can avoid owning a depreciating asset : The prices of homes are stabilized and are rising in most housing schemes. there is no guarantee that price of your property may also increase overtime.



Disadvantages Of Owning



  1. Taxes to be paid : You will have to pay taxes of your own property. You must know that property taxes are revised every year and this may cause the higher property taxes every time. it can make your homeless affordable.



  1. It requires an cash investment : Owning a house is not that easy task.You need to be financially strong to buy an house. You need to pay your savings as the down payments or the closing cost and on other expenses of the township.



  1. Your home is an illiquid asset : If you need to sell out your house quickly that it is not sure that you will be successful for doing this. It is not sure that could you sell that property within the time with appropriate cost that it would be.


On the final decision buying a home is not a light decision so you must go through about the points of cons and pros of both renting and buying. 

 
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