Whether you want to buy a house or rent out is solely your decision. You need to decide which suits you the best. This decision is absolutely yours and you need to clarify your doubts regarding this. Rent house vs Own house is an old controversy and you need to make a wise decision regarding your house. In case of rented house the investment is on a recurring basis but in case of own house the investment and the paper work is one time basis. You just need to make your decision on the basis of your current financial situation and money power.
Therefore, let’s explore some of the important factors in the light of this matter so that you can take the right decision.
- Timeline:- It would be a worse decision from your end to buy a home if you have a plan to move within few years after you buy your new home within a locality. The mortgage return, the capital gain tax and the sale value of your house will not be more on the contrary it will be less. The comparison between the rent vs own house is a very confusing matter but if you are not financially strong and if you have to move from one place to another very often then the rented house is the best option for you to go for. It will help you in both the ways.
- Time commitment:– When you own your own home then the entire responsibility of maintenance of your home falls on you. On the other hand, when you stay in a rented house then the entire responsibility of repair & maintenance falls on the shoulder of your land lord. In case of own home there are many freedoms and in case of rented house the freedom and headache both are less. Now it depends on your current statuses that which you like to choose the most. Now it’s up to you which one suits you the best.
- Flexibility: The scope of flexibility is more in case of rented house if you have to move from one place to another on a frequent basis. The landlord will take care of your house and residence. On the other hand you need to bear a fixed cost on a regular basis in the form of rent.
Hence, from the above discussion, it has become clear that which factors becomes very prominent in case of your dilemma of rented house vs own house. You cannot ignore the fact that in most cases rented house has more shekels compared to your own house. You cannot take any repair and maintenance decision on your own you need to take the permission of your landlord regarding this and all the related actions are being taken by the landlord to fix the matters in a proper manner. This is why while you make a buying decision of house you must consider all the factors in a proper manner to execute the things.