Buying a house is a dream of many but with the prices shooting up, many tend to get confused between buying and renting. The fact worth a mention is that people who can afford buying a house do not really go for even considering renting as an option. If you are to decide whether you’d want to rent or own a house offered by the best builders in Chennai, have a look at what are the advantages and disadvantages of each of the sides and take a decision as per what you feel convincing.
Advantages of owning a house
· When you buy a house, you have an asset for yourself – a physical fixed asset that you can rely on, an asset that you have for lifetime.
· It inculcates that feeling of security in you.
· The property you own has advantages of capital appreciation.
· Owning a house constructed by the best builders in Chennai increases your overall net worth.
· Most of the people opt for a mortgage loan while buying a house. This thereby brings in a lot of tax benefits.
· While repaying a loan, EMIs will have to be paid. This has two benefits. One – with every EMI that you pay, you’re increasing your share of ownership in the house. Two – you’re taking a step closer to the ownership of a physical asset.
· Renting implies you’ll have to relocate. This is yet another problem to deal with as there’s an involvement of money, time and patience here.
Disadvantages of renting a house
· Needless to say, this requires you to have a good income so that even if you opt for EMIs, you are able to lead a healthy lifestyle.
· If you’ve got a transferable job, then buying a house doesn’t make sense as you won’t be able to live at a place that you’ve bought.
· Even if you are not sound financially, you have no other option but to pay the EMI.
· There are some other factors too that the owner of the house is accounted to such as property tax, repairs and maintenance, pest control, etc.
Advantages of renting a house
· When you rent a place, there is lower liability on your head.
· In case of a transferable job, renting a place is possibly the best solution available.
· When you are not good financially, you can choose to shift to a place with relatively lesser rent. This ultimately reduces your burden.
· You can choose to stay at a place that is in close proximity to other prime locations and also schools, colleges, hospitals, markets, etc. and pay its rent.
· EMI could go up to 40000 a month in a metro city but the rent of the same could be around 15000 a month. Hence, you aren’t shelling out much.
· You do not have to deal with the maintenance aspect of the house including repairs, pest control, sewage, etc.
Disadvantages of renting
· You pay out money but aren’t entitled to any ownership.
· If asked by the landlord to leave at the most unpredictable instant, relocation is a problem.
· The owner can choose to increase the rent that makes it difficult for you to afford.
Since both these options have their set of pros and cons, which one to choose from them depends entirely on what you want to prioritize. The amount of funds in hand has a lot to do with which option to choose. Having said that, before finalizing what you‘d want to – rent or own one of those new flats in R A Puram Chennai or new flats in Valasaravakkam offered by the best builders in Chennai, pay close attention to the advantages and disadvantages of both the options.
