Should you buy or rent a property? What’s the best option?

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Buying a house is one of the most important decisions people make in their lives. Many homebuyers wonder if the decision to purchase a home is the right one or not. Both purchasing a home and renting them have their advantages and disadvantages.

Benefits of renting

If you rent a house, there are some advantages. First of all, the initial investment is small. The money that you would have paid for the downpayment of home can be kept in a savings account for enjoying higher returns. As a renter, you don’t have to take any responsibility for repairs. You won’t have to deal with any property taxes. You only have to pay a fixed amount monthly as rent. Some rental costs include the utility charges also. You can move anytime to a new place if needed. The insurance cost is also low in a rented house.

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Benefits of buying

When you buy a property, you have full control of the property. The acquisition of home is a capital gain. Buying house is like forced savings. In the long run, you can have an asset of your own which you might sell at a higher price if needed. The homeowner can renovate their house the way they want to.

A person must look at his or her situation to make the right decision on purchasing or renting a home. If you can afford and have a permanent job, then you can buy a house. Some people prefer renting a house even if they can afford due to the fluctuating property market. So, you should make the decision according to your circumstances.

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