There is no doubt buying a new property is the best thing to do. But renting too has certain benefits to offer.
Whether renting or buying a property, it depends on the person and his/her needs and lifestyle. Something advantageous to one person, may not be good for others.
To find out which is better, you need to first weigh the pros and cons of both buying and renting a property. For your convenience, we have made a comparison in the post below. Let’s walk you through the details.
Renting A Property
Renting is temporary. One day you are living in one city and the next day you are somewhere else. Many of you assume renting is a waste of money, but it has its benefits too.
Good for working people
For people who are often transferred or have to move frequently because of their work, renting is the best option for them. They can temporarily rent a place to stay whenever they move to a new location. This is not only convenient but also saves money.
You must be wondering how renting can save you money. In case, you haven’t realized it, renting is an affordable way of living. First of all, you don’t have to pay any property taxes. Secondly, you don’t have to spend any money on maintenance because it’s not your property. The only fee you pay is the rent. As far as rent money is concerned, if you live in a cheaper place, the cost of living per month reduces.
Renting does have certain drawbacks and one of them is a lack of freedom. When you stay in a rented property, you are restricted from doing certain things. For example, you are not allowed to make any changes to the property. Even if you need to fix something, you will have to first take the permission of your landlord.
The landlord can increase the rent anytime
Another bad thing about renting is that your landlord can increase the rent any time he wants. In such a situation, you will either have to pay him or leave the place. So you always live in uncertainty.
Buying A Property
Let’s say you are buying a condo on Kihei. No matter, where you buy a house, it is yours. It is your permanent place to stay. Even owning a property has pros and cons. Let’s check them out.
No landlord hassles
When you live in your own house or apartment, you don’t have to be bothered by a landlord. It gives you full freedom and you can make whatever changes you want to your house.
No monthly payments
Living in your property means you don’t have to pay monthly rent. This helps you save a lot of money. Also, having your own house gives you a sense of security.
Buying a house is an expensive affair. Most people apply for home loans to buy their dream property. Repaying the entire loan amount is a huge financial commitment. It can be stressful till you are done with it.
Taxes and maintenance cost
Owning a property means you will have to pay taxes for it. Along with that you also have to maintain it. Both the activities require a financial commitment. It can be burdensome for many homeowners, especially if they are retired.
Both renting and buying a house has a fair share of pros and cons. It depends on you what you want and which option would be more suitable for you.