Buying a home is a very big dream for anyone. Whether you will buy or will you rent is a major decision that might affect your lifestyle, financial health and personal goals. The option you will choose will depend on your lifestyle and the financial situation. Both of these require you to have a regular income so that you can afford the payments as well as the associated costs. Whether you are planning to buy or rent, it is highly recommended that you get in touch with one of the best real estate firms in Gurgaon.
There are several differences between renting and owning a property. When you rent a property that does not come with all the responsibilities associated with owning a home. You have more responsibility if you own a home. On the other hand, if you are renting a property, you have more flexibility as you are not tied down to your property. If you are owning a home, that provides you with a sizeable investment. This however comes at a big cost both upfront and also over the long run. Owning a home might not always be better than renting and renting might not always be as simple as it might seem.
Buying a Home
When you own a home, that offers you with long term stability as well as the opportunity to build equity over a certain period of time. This also provides you with a certain sense of pride and you also have the freedom to customize the property to suit your needs. Owning a home also comes with certain tax benefits and also the possibility of appreciating the property value.
When you buy a home, that means you own it. Over a period of time, the mortgage payments start building equity like a savings account. You can eventually sell the property and earn some good profit. The real estate brokers in Gurgaon, can prove to be highly beneficial.
Owning a home also allows you to customize the property. You can renovate, paint and decorate your home as per your needs. This is your personal space that no one has access to. But on the other hand, maintenance is another thing that you will have to deal with as a home owner. There are repair costs also involved in it. Owning a home is a bog commitment as you are tied to the location for a long time.
Renting a Home
Renting a home offers a lot of flexibility. This requires less commitment and you do not have to take the responsibility of the repairs and the maintenance. This is more affordable in the short term. It has much lower upfront costs and there is also no risk of fluctuating the property values. Renters however might face limitations on personalization and there are also chances of rent increase or eviction at the discretion of the landlord.
The best thing about renting a property is that it provides a lot of flexibility. If you do not enjoy staying you can move out easily without much hassles. There are less financial commitments involved when you are renting a house. You do not need a down payment and you also do not have to worry about the property taxes.
If something breaks down, it is the responsibility of the landlord. You will not have to spend for the major repairs. Renting means that you are not building any equity as the rent payments go the landlord and they do not go towards owning a property.
Should I buy or rent?
There is no one word answer to whether you should rent or buy. It is important that you first evaluate your current life situation and the chances of it changing in the immediate future. If you are moving into a city where you are not familiar and you do not have a stable job and do not know the neighbourhood, renting can be a great option. On the other hand, if you are planning to settle down and plant some roots, it is better to buy a home.
Conclusion
Deciding whether you want to rent or buy, is not just about the cost. There are also long term financial strategies and personal circumstances involved in it. If you are on the fence about what is right for you, it will be a good option to speak to one of the best Real Estate Agents in Gurgaon. An experienced agent will help you to weigh your options and will help you take a much more informed decision.