Renting versus buying- what is better?

Mudassir Altaf 03244459192 info@chohanestate.com 01-02-2019

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Renting or buying a property is a topic that became very pertinent and crucial from the time Pakistan’s real estate caught attention of the entire nation. Whether you want to buy a property to live or you choose to reside on rented house, both situations carry their own sets of pros and cons. We at Chohan Estate, thought to give you an in-depth analysis of both of these living situations , which will help you make a well-informed decision of what suits you more.

Buying a home

  • If you own a home, this means you will have this eternal satisfaction that you have your own roof to live under. You will not live with the fear that if something happens you will be on roads, figuratively.
  • The value of your home will appreciate over time and if you decide to sell, you can earn profit off the sale
  • When you buy a house, you become its owner, which gives you the liberty to do any and everything with it, without restrictions enforced by a landlord.
  • Being a homeowner also gives you the creative freedom of your property. You can change the décor, landscape and more importantly renovate, to suit your changing needs.

Renting a home

  • The most important advantage of renting a property is flexibility. This factor is ideal for those who don’t have a long-term and certain plan of their future. For example, a sudden change such as a job relocation, will not be a problem for a person living on rented place. All that person has to do is give one month notice. Renting requires no long-term commitment from a tenant, and is the best option if you don’t intend on staying in one place for a long time.
  • If an individual wants to live in a certain locality but is unable to afford to purchase a land there, then they can live on a rent. So as a tenant, there is the possibility of living in an area in which you could not afford to buy.
  • Moving out is easier for a tenant than a homeowner as there is no stress of finding someone a buyer to purchase the property as this is the responsibility of the homeowner or landlord.
  • After paying rent, a tenant may have additional money which they can use to invest elsewhere, whether it is saving towards buying a house, investing in the stock market or anything.
  • If you are living on a rented property then your responsibility towards the maintenance and other petty issues such as leaky roof etc, becomes zero. In case of any problem, all you have to do is call you landlord. So yes, if you want to live a stress-free life, renting has an edge over buying.

 

To conclude, we would say, whether you live on a rented property or a bought one, it all depends on your lifestyle, budget and life goals. So, make your choice while keeping these aspects in mind.