Money is a really important deciding factor regarding one’s decision to whether buy or rent a house. But is it always the sole deciding factor? No, there is more to take into consideration. Whether one wants to own a posh apartment in a city or lease it is an important decision we have to take based on the lifestyle we want to lead. But there are a number of facts related to this that can propel or repel this decision.
Buying a place solely based on the dream of owning a house should not be the deciding factor. Choosing one’s preferences before making this once in a lifetime decision is a key factor; Both renting and owning have their pros and cons:
1. A House is More Than an Investment
Owning an apartment in a city is going to cost a lot. Check the bank balance before making a decision.
Apart from that anyone can realize all his dreams by painting and decorating his house.
He can provide it with flairs of joy and liveliness by using vibrant colors, or, use sober colors to give it an aura of peace and tranquility.
He can put a grand sofa bed in the living room or arm chairs and table set, depending on personal taste.
He can live like a king and make changes ashe desires. Change the interior décor, sell the old furniture and redo his entire apartment.
2. Owning a Place in the Suburbs
Owning a place in the suburbs is a far better idea regarding its cost effectiveness.
He can own a far bigger house with front and rear gardens.
Have a beautiful, natural and eco friendly environment. But he has to take into consideration the distance from his workplace. Whether he prefers to walk his way to it or drive his way are the choices that only that person can make.
In regards of affordability and spatial dimension this seems to be a better option.
3. Renting is the new trend
Renting an apartment is the new trend which the city dwellers find convenient.
First it presents the freedom to shift your residence from one place to another as and when necessary. Suppose a person has to change the company he was working for and shift into a totally different location. If he was leasing an apartment it would be easy for him.
But, of-course, the utilities provided in the home, the repairs that the house needs, and safety of the area are some of the things to be checked before renting a house.
Again, if he is owning it, he has to start a search for a prospective buyer and wait for quite an amount of time to get the entire procedure done.
4. Renting is more Economical
Renting offers more amenities at a reasonable price. If one wants to live a luxurious lifestyle he can have it at a more convenient rate by renting the apartment.
Not only will it cost him less, it will also help him enjoy better facilities and amenities with the least concern for the wear and tear of the place. For the repairs, he just needs to place a call to the owner.
Whereas, if one owns an apartment he has to place a call to the repair man for all the mending and pay for it himself. Of course the owner has the freedom to design his own space but it also increases his responsibility to keep it in good shape.
5. Renting Means Less freedom
A tenant cannot decorate the interior, cannot change the layout of the floor plan.
He cannot have an affirmation of living under the same roof for as long as he chooses. If the owner desires to hike the rent he has no option but to agree to it or, he has to start looking for a new place.
He has no right to argue with the owners. The owner can also straight away ask him to leave. In short, the tenant is in a very vulnerable position.
6. Owning Personal Space.
Home ownership brings in the element of personal satisfaction- having a place that one can call his own. It can also prove to be an asset for his future generations.
A place where one can put down his roots.
A little focus on the preservation of a safe and healthy neighborhood and a bit of maintenance is all that is to be done.
7. Tenants Can Reduce Risks
Renting can also prove a viable option, with lesser amount of risk, if one signs an agreement for a year or so. Before the expiry of that period the owner cannot compel his tenants to vacate.
This proves to be beneficial for the tenants who do not have to live constantly in the worry of being removed from their temporary habitat.
8. Payment and Contracts.
Timely payment of the rent and following the terms and conditions of the contract are all that it takes to live a life free of continuous fretting.
He can spend his weekends wandering about and having fun with family and friends instead of spending it in search of a repairmen to fix the apartment, or mowing the lawn the entire day.
Until now the economic factor has been, if not entirely neglected; underplayed. But this does not mean that it is not an important aspect. Having the appropriate bank balance is equally necessary. It helps one to realize his dreams of owning a place as his own. Whether it is in the heart of the city or it is in the suburbs, money is an indispensable factor. And renting an apartment is, undeniably, more cost effective than buying one.