Whether to Own a House or Rent a House: What’s the Difference?
A home is a place where a family cherishes life-long moments and holds hands together during difficult times. To own a house is a dream of many Indians today. With the sky-rocketing real estate prices, hardly half of the population can fulfill the desire to have a property of their own. This calls for looking for alternatives to owning a house.
The first and foremost or we can call the safest alternative to own a real estate property is to rent one. The notion that renting implies limitations goes completely wrong in today’s world. Renting a house of your dreams does not compromise your comfort and convenience. When one gets opened up to the option of renting a house there is a broad spectrum of possibilities.
The common myth about renting a house says, “you need to invest every month”. This is not completely true. The cost of homeownership and rental property is uncomparable. Each one of us needs to live so, whether you own or rent a house it will always cost you in some or another way.
The debate of whether one should own a house or rent a house will never come to an end without pondering into the merits and demerits of each one of them. Let’s discuss them in detail:
Merits of owning a house:
There is no doubt that the sense of property ownership is unmatchable. You are your own master. A few more of the advantages of owning a house are:
No landlord hassles- On a rental property, one is always dependent on the landlord for maintenance. This might lead to tensions if you’re landlord is not nice enough! On the flip side, when you own a property, you are in charge of all the minor and major repairs all by yourself.
Security- To some of us, owning a house provides a deep sense of security emotionally and mentally. You provide your family a space of their own where they can live happily. This sense of joy is completely irreplaceable.
No uncertainty- With your own home, there is never anxiety or fear of a sudden termination by the landlord due to some reasons.
Demerits of owning a house:
Apart from the benefits of owning a property, there are also a few disadvantages of the same.
No saving- A home always needs some or the other maintenance.
Expenses- Moving to a new house can be costly. In the case of home loans, the mortgage payment can be burdensome.
Hidden charges- The property taxes, society charges, security charges, etc. can be difficult to pull together.
Merits of renting a house:
After renting a house there are several benefits one can enjoy.
Free from responsibilities- On a rental property a tenant does not need to worry about the repairs and maintenance required from time to time. These must be looked after by the landlord.
Movability- A few of us are always on the go. For some or other reason, one might need to move from one city to another. When you rent a house the movement to different locations can be done often without hassles.
Expenses- In reality, the rental upfront costs are less as compared to buying a home.
Demerits of renting a house:
Sometimes rental properties bring uninvited problems with them.
Payments- The rent payment increases annually or after a set period. This might not be suitable in some cases.
Stability- When one owns a property they have a right to it. This does not come when you rent a property. One can be thrown out of the house if the landlord wishes so.
Renovation- In most cases, a rental property cannot be upgraded according to the individual's choice without the approval of the landlord.
At the bottom line, owning or renting a house depends on one’s wish and investment. It is always important to set a budget that involves both micro-managing your budget and savings. A clear vision will land you on a beautiful house for rent in Udaipur.