When shifting to a new place you can either buy a house or rent a house. If renting a house offers convenience and flexibility then owning a house has the benefits of ownership. At times it may become difficult to decide which option is better and certain compelling arguments work in the favor of both options. However your personal preference and circumstances can be main deciding factors.
Here are some benefits of both renting as well as buying a home:
Benefits of renting a house
- Flexibility: The biggest advantage of renting a home is flexibility as it comes with the freedom of moving as and when required. As life progresses you may have different needs and with a rental home you can easily move to a house that is more appropriate for you. A couple may find a one-bedroom apartment worthy; however, once they have kids, they may need more space to accommodate them. It also makes it easy for you to shift to a new location according to change in your workplace or a preferred school. Renting a house is the best decision for people with an unstable job, limited resources and financial liabilities.
- Renting is cost effective: Living in a rental house also has the advantage of not bearing any maintenance or repair expenses as these costs are the responsibility of the owner or the rental company. With more and more houses available for rent, the rent amount has declined. Less rent enables people to live in a high-end area without putting too much pressure on their pocket.
Benefits of buying a house
- Building an asset: The biggest benefit of buying a house is that it is your investment that you can leave for your next generation. As an asset, it grows in value and also gives the opportunity to afford a bigger house later on and have a comfortable retirement. Once you own the house you don’t need to make any monthly payments, which is a very comfortable situation post retirement.
- Make renovations: When you own a house, you can improve it according to the changing times and your requirements. This not only makes your life easy, but also adds to the value of your house. You can make necessary alterations as per your personal choice without having to ask for any permission.
Whether you want to buy or rent a house, it is your personal decision. However you can consider the pros and cons of each before making your mind.