This is one question which will have different answers for everyone. Several factors have to be considered before arriving at a firm decision, such as the budget of the buyer, the property size, the location, the type of property as in whether it’s a new one or a resale property. You can consult a pre leased property consultant in Ghaziabad and get the adequate information for properties in Ghaziabad.
So, the best way to determine what should be done is to go through the pros and cons of both these alternatives, thereby making the final answer subjective.
Advantages Of Buying A Home
– the lifelong benefits of security, equity and potential growth in personal wealth.
– profit earned in the resale of the property.
– now that the property is yours, you have the legal freedom of designing and modifying it as per your needs and style.
– Most likable option your property provides you with is that you can rent it. And that’s how you generate a source of your second income!
– You’re likely to save money in the long term with the deduction in taxes related to income-generating properties.
– Also, you can refinance your bond amount whenever you need money.
Disadvantages Of Buying A Home
– You must bear certain financial responsibilities like timely repayments and regular maintenance of the property.
– Along with that, you’ll have to pay a few additional costs which include rates, taxes, insurance.
– There are fair chances of not making any profit through resale in the occurrence of a recession or an increase in the rate of interests. So if you’re an investor, you got to do your homework well and be prepared for such changes.
– Lastly, a homeowner can’t shift so much, in comparison to tenants and your home becomes your worry factor in a way.
Pros Of Renting A Home
– Renting a property allows more flexibility and no commitments than owning a home, ideal for those facing frequent job relocation.
– It’s more affordable and there can be times when you’re staying in classier areas as a tenant.
– Moving out is easier for a Tenants who have no responsibilities associated with the property after they leave.
– As a tenant, you only need to buy insurance for your stuff inside the house which is much cheaper than the home insurance.
– Tenants can save up the money left after paying the rent and use it for multiplying the same.
Cons Of Taking A Home On Rent
– Bound by the rules, a tenant has no freedom to make modifications inside the house. And of course, if there is an urgency to do so, then the Homeowner will have the final word.
– There can often be third party involvements of property agents making you spend extra on just getting a place.
– The home will never be yours when you are a tenant and there will always be limitations and legal rules for you, no matter how long you stay.
– Moreover, you must comply with the alterations in the rent as per the current trends and owner’s comfort.
Suit yourself as per this information and then look for a property for sale in Ghaziabad India.