Has the time come to fulfill your dream of buying
a house? Are you sure you want to buy a
house? Do you have enough savings or are you planning to get a home loan? There
may be many questions arising in your head. Purchasing a property is a decision
to be made after a long analysis and thinking. Go through this article to know
if your decision of buying a house is correct or not, or is it preferable to
rent. Although the decision depends on personal choice and financial conditions
but, here are certain general points to consider.
Advantages
of renting over buying
• A house on rent requires no special maintenance
from your side. If something goes wrong or needs to be fixed, it is the
headache of the landlord. You just need to call him to get a plumber or
electrician repair the damage. Thus, you don't have to worry about huge costs
required for maintenance. However, you definitely need to have a budget for
small costs that you would have to take care of personally for your home.
Buying, on the other hand, will require you to be responsible for all the
damage and the costs incurred for them, for which you need to save quite some
amount of money.
• When you buy a house, you need to make sure you
are going to spend a couple of years there because home ownership is a
long-term commitment. You cannot simply decide on shifting to a new house so
easily. While, if you are staying on rent, it is easier for you to move to a
new place whenever you wish to. If you have a change in job, you might have a
change in location too. You can easily relocate near your workplace if you stay
on rent, which cannot be done if you own the property.
• If at all, you really have to move away, the
biggest hassle you have to face is selling your house, which is not an easy
task. It might take months and also years together to sell your house. Even if
it sells out early, you can't be sure you would get the best price. The market
price of selling a property might have depreciated when you want to sell it.
• You would prefer staying near your workplace.
Finding a house in your preferred locality might be costly in terms of purchase
but, the same might be reasonably-priced for rent. So, you can always start by
staying on rent and if at all, you find the place suitable and you plan for a
long stay in the locality, you can always consider buying it later.
• Buying a house requires upfront payment and other
costs like documentation, registration, closing costs, insurance, etc. All this
is not required for a rented house.
Advantages
of buying over renting
• First and foremost, a rented home can never be
your own forever. It is yours only till you pay for it. Thus, it cannot be your
asset and the money you give for it every month is all gone - paid to the
landlord - something you won't be seeing again. While, a house you buy can
bring you benefits, even if you want to sell it later. Residential properties
on an average rise in value between 4 to 6% every year.
• Just as the price of properties is rising
annually, even the rents increase. Once your annual agreement is over, you must
be prepared to pay a higher rent the next year. The rising property rates do
not affect you once you have bought a house.
• You cannot design your house as per your choice
if you stay on rent. Even for making slight changes, you will require the
permission of your landlord. You will not be sure if your requests are approved.
It might be a long procedure. Also, if you want any urgent repairs made, you
cannot be sure that the landlord will get it done immediately. While, your own
house gives you the liberty of making any kind of and any number of changes,
without anyone's consent or permission.
• A home ownership can help you get deeper
involvement with the community around. You know you will be staying there for
atleast a couple of years. This will help you know one another well and build
up better relationships with the people around.
Now that you know what the advantages and
limitations of buying and renting a property are, it is for you to decide which
is a better option for you after weighing all the pros and cons, and analyzing
your financial situation. If you are planning to invest in a property in
Bangalore, you should consider Adisesh Green City, which is located near Hoskote, and provides a great healthy and
pollution-free atmosphere to live in since it is close to nature, with greenery
surrounding the property.
