Hope you all are in the pink of your health. The Covid 19 pandemic has taught us one prominent thing- the value of a home. Owning a home is not something that everyone can afford, that too in a city like Gurgaon. Nonetheless, the prices of the properties in Gurgaon are sky-touching. This is the reason why people are bewildered about whether to buy a property or rent it.
There are both pros and cons of buying a property or renting one. However, which weighs heavier in your balance is for you to decide. Mentioned below is the distinction between renting and buying a home.
- The most important factor which defends the notion of buying a home is that this process saves your money in the long run. On the other hand, buying a home requires an investment of a hefty sum of money; which may not be possible for everyone to gather.
- Not only buying a home is a tedious job but also maintaining it is just another. However, it is not a case when one lives on rent. The maintenance of the property is totally looked after by the house owner.
- Renting a house allows the spread of investments. While owning a house means putting your bag full of money in one place which restricts the diversification of the risks.
- Talking about space utilization, none other than the owner of the house can make the optimum utilization of the house. As a tenant, you cannot have full access to use various spaces in the home.
- From an investment perspective, owning a house is just what you need. One can own a piece of land and either sell or rent it as per his requirements or choice. But, a tenant cannot generate a return on investment or create wealth through a rented property.
Thus, profound knowledge of your requirements will enable you to have a better understanding of whether or not to buy a property.