There’s always a query in mind when it comes to thinking about shifting places for better comfort and convenience. That question is whether to buy the house or rent it. Both have their own merits and demerits and one shouldn’t take any decision in a hurry. You are in the best position to judge your strength and ask yourself questions whether you have enough to think about buying that desired house for sale. Will you be able to repay the debts if you opt for a home loan? Are you going to stick for a period of time to see the resale value grow? What are your future plans? There are a number of pros and cons associated with buying a home and one should base their decisions on solid facts rather than personal instincts.
What are the merits?
- The financial value of the property keeps increasing with time.
- You don’t have to care about protecting privacy rights, as this becomes your own private place.
- The tax on property and the relevant interest on the finance payment is a deduction on tax. Thus, you save a lot there!
- You get long term benefits as compared to renting the same house for the same period of time.
- There’s a pride feeling of ownership that allows you to freely experiment with your property whenever you want. You don’t have to take a written permission from anyone, for every little repair you need to make. You are in total control of your property and nothing comes as interference when it comes to renovating your living space.
What are the demerits?
- Greater positions come with greater responsibilities and being the owner of a property you are accountable for minor to major repairs, whether something as economical as fixing a wall, or as expensive as modification of the entire flooring.
- Buying a home in a particular location binds you with the society around, and it becomes difficult to leave the place all of a sudden.
- You may have to pay high for the rent, but remember, the mortgage payments are even higher, since owning a home is not a short term financial pledge.
- There is no guarantee that the appreciation value would go up abruptly at least for a couple of years.
By owning a home, you are entitled for all the costs revolving around it. Unlike a rented house, you just can’t pack your bags and leave.