Renting vs Owning a Home - Home Loan Eligibility
Buying a home is easily a major decision in your life. But an easily pressing issue afterwards is whether to own the home or to rent it out.
Owning a real estate property is of course a considerable investment. It builds up your equity and even aids you in deducting those pesky tax money. On the other hand, there are many benefits in renting as well. When you rent a property, you have a lot of flexibility with almost no responsibility. However, most people think that buying a property is much better than renting it.
Most people run towards buying properties. This is in part due to the media bombarding us with real estate home ownership marketing messages. Such messages show that owning a home means one can lead a happy and prosperous family life. Don't forget that real estate is big business, and is a part of our economy and cultural mindset. However, we should not follow the herd into buying homes blindly, for it should be known that doing so is not always better than renting. At the same time, renting is not as simple as it seems.
Both of these have their own sets of pros and cons. To pick the best option, it is essential to know more about them.
Renting means there are no penalties when you move out at the end of your lease period. But it also means that you may have to move at a moment's notice if your landlord so decides. The landlord can decide to sell off the property or to convert it into an apartment complex. They may, alternatively, increase your rent.
Most people think that when you rent properties, you are basically throwing away your money. This is not true at all. You get a place to live, and that always costs money whether you rent or own a home. It is true that renting does not build your equity, but it is also true that all homeownership doesn't lead to building equity.
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