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Renting versus Buying a home – Pros and Cons

Hello readers!

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. 

renting versus buying a home pros and cons

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. 

  1. 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. 
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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