21 Nov Should You Buy Or Rent A Home?
Owning a home in today’s world is a dream for a middle class man. And, majority of people in our country belong to the middle class. So, almost every person in the country wishes to own a home, may it be even a small one. But, the price constraint is what hinders people from buying a home, as property prices are rapidly increasing. However, when you plan to buy a home from Vivansaa, even if it is a villa project on Sarjapur Attibele Road Bangalore, you can be sure to get it at a very reasonable price. However, before you buy a home, it is always important to weigh out the pros and cons. After all, buying a home means a big decision since it involves a major part of your savings. Even if you aren’t paying the whole amount altogether, and are taking a loan, it means EMIs for a really long time. So, before you decide whether you want to own a home or rent one, it is better to weigh out the pros and cons of both the situations.
Buying a home
Buying a home means earning a prestige in the society, while also fulfilling your dream. Moreover, you can customize and alter your home the way you want when you buy it, which is not possible when you are renting one. Furthermore, owning a home means you know that you can live there forever (leaving aside unexpected consequences). Renting a home means you may have the fear or stress of moving around from one home to another maybe every year. Another advantage of owning a home is tax benefits. Thus, while buying a home means a huge investment, it can prove to be financially more fortunate in the long term.
Renting a home
One of the biggest disadvantages of renting a home is that you need to leave after your lease term. It could be a month-to-month or an yearly deal, but it is never permanent. Another disadvantage is that renters are at the mercy of their landlord. However, when you are on rent, you have more flexibility and freedom to shift to another place, if living in the home you are currently, doesn’t seem appropriate for you in any way. Also, renting is after all cheaper than buying. But, renting includes lost opportunity costs, which means that opportunity of the return that you can earn by investing your money by availing EMI and gradually creating an asset is lost, while spending it on rent.
So now, weigh the pros and cons of both and take a decision. Obviously, if you are not sure how long you are going to live in the area, you must opt for a rent. But, if you are planning to live in the area for long, you can choose any of both options. If buying a home is on the cards for you, you can consider buying an apartment or villa project on Sarjapur Attibele Road Bangalore offered by The Vivansaa Group, one of the most reputed real estate developers in the city.