Home is not just four walls. It is our happy place, a place where we can be ourselves, where we spend maximum time with our near and dear ones. It gives us security, comfort, love and peace. But, purchasing a home is the biggest investment in the life of any middle-class person. So, most of us convince ourselves to live in rented apartments throughout our life. If you are one such person who is unable to decide whether to buy or to rent, this article is for you.

Why should you choose purchasing over renting?

Buying a flat or a house is going to cost you a lot of money. But, it is still a better option than renting and will prove advantageous in the long run. Here are some reasons for which people prefer buying to renting:

1. No annoying landlord- If you live in your own house, you are the boss. You do not need to deal with the tantrums of a landlord. You also don’t need to depend on him for basic necessities like water, maintenance, minor repairs, and electricity.
2. No uncertainty- Untimely termination is the greatest disadvantage of living in a rented apartment. You can be asked to move out anytime for whatever reasons the landlord deems right. Even if nobody asks you to shift, you have to renew the agreement once in a year. This also means your rent will increase by a certain amount every year.
3. Tax benefits- If you apply for home loan, it works in your favor by fetching you attractive tax concessions. Also, if you think logically, renting is more costly than buying. As you pay a certain amount every month, you don’t consider it as a major investment. But, if you sit and think, living in a rented place for years means paying lakhs of money as rent and the most disappointing part is that even after paying so much, the house is still not yours.
4. Home is an asset- A house is the biggest asset any man can possess. With prices of land increasing at a rapid pace every year, you can never suffer a loss if you sell a house. So, in difficult times when you require a large sum of money, your house can come to your rescue.
5. Extra income- Managing the family with a singular source of income can be intimidating. Moreover, with majority of the population doing private jobs, job security is always in question. So, having a second source of income is definitely a wise decision. But, how many of us have the time and energy to do an additional job? If you have your own house, you can easily make some easy money every month by putting one floor up for rent.
6. Emotional security- When you have a house, your family members get their own private space. The comfort and security that we get in our home is irreplaceable. This is the reason why returning to the nest at the end of a tiring and stressful day is something all of us look forward to.

A lifelong dream of every individual is home ownership. There is nothing like living in your own house. But, renting can be a wise decision based on your financial situation. There are multiple advantages of renting a house as opposed to buying. It is cheaper than buying and you are not responsible for anything. Read the complete article if you want to know the benefits of residing in any city.

1. 1. No repair bills or maintenance cost- The biggest advantage of renting a house is that you do not need to worry about repair bills or maintenance costs. As it is not your own house, it is the landlord’s headache to take care of its improvement, repairs and maintenance.
2. 2. No tax payment- Another major plus point of renting an apartment is that you do not require to pay the property taxes. Real estate taxes are a huge burden to homeowners. This is another reason why smart people refrain from buying houses. So, if you are looking for flats for rent in your city, you are doing the right thing.
3. 3. Cheap alternative- There is no denying that buying a house is the costliest investment of a man’s life. For people with regular jobs, they need to sacrifice their entire savings and take a loan for purchasing a flat in a city. It involves a lot of stress as you are left with no savings but a huge debt. On the other hand, renting means you get to live peacefully in a house of your choice by only paying a few bucks in the beginning of every month.
4. 4. Flexibility- For people with shifting job locations, renting is always the best option. If your job demands movement once in every three or even five years, you cannot afford to buy a house in any city. This is when the amazing flats on rent come to your rescue as they offer more flexibility to us than homeownership would.
5. 5. Forget about down payment- Another area of relief for renters is they do not need to deposit a large sum as down payment. Renters do pay a certain amount as security deposit. But, that money is not more than a month’s rent. So, keep down payment worries at bay and live with your familyin a good neighborhood.
6. 6. No losses- Homes keep losing and gaining value all the time depending on various factors. Buying a house or flat in a particular area can prove to be a wrong decision in the years to come. But, when you rent a flat, even if the value of a neighborhood fluctuates, your monthly rent remains the same.

Conclusion

So, owning a house is definitely beneficial for many people. But, for those who want to avoid the troubles of homeownership, renting is a great option. Of course, the deciding factors here are the lifestyle of a person, his financial situation and job location. Once you figure out whether renting or buying will be more profitable for you, finding a spacious flat in your budget won’t be a problem.