Is it Better to Buy or Rent a Home?

As markets are flourishing, to afford a house has become a big obstacle for most of the people, with continuously increase in market rates. There is a lot of competition in market as it is full of presentable and extravagant housing schemes like Business bay property for sale which makes people even more confuse. Many people are in dilemma of whether to leap onto the hierarchy of property ownership or continue to rent. This debate has been continuing for eras and seems to be never ending. As, every person has its own prospect and requirement that even an expert cannot decide which is the best option. Because each option has its reasonable stake of pros and cons which makes it even harder to choose between. Following are some benefits and shortcomings of both renting a home and buying a home.

Advantages of Renting

Renting allows more flexibility than buying a home as it is more convenient to move from place to another while renting. As, job of some people demands mobility so, renting becomes a great choice for them.
It is also more convenient for those who don’t have enough pocket to buy a new home for themselves but still need a place to live. With the increase in market rates it becomes so hard for people to match up with living standards of modern age. So by renting a lavish home, they can get extravagant living style in a reasonable price. As, you don’t have to pay in just one go instead you can pay your rent gradually. Other financial concerns like utilities and maintenance are low-cost too so, it is a pocket friendly option.

Renting gives you another advantage as low maintenance. As, it is responsibility of your landlord to keep up with their property’s maintenance so it is not solely your headache to worry about repairs and other related matters.

Disadvantages of renting

You cannot personalize your living place according to your taste and requirements as some landlords put boundaries to do so. As, re-decoration cannot be done, you cannot install air conditioning and some extra closets and things like that.
Once you sign the lease, you are destined to follow their rules and regulations. Your freedom will be completely gone by accepting all their conditions.

Another drawback of renting is that you are paying for someone else assets. You are paying their insurance, property and mortgage taxes for them while your stay in their home as a tenant.

Advantages of Buying

Owing a property is a feeling which cannot be expressed with just words as it has its own charm. It is dream of every one to buy their own home and it is one of the biggest financial transactions one makes in his life to invest in something worthy. By spending all your investment in just one go, you are buying a big asset for you. Business bay apartments for sale offers you this privilege in reasonable price.

You have full freedom and authority over your property. You do not need anyone’s consent to do anything like re-modeling, renovating, adding extra rooms and installing some new appliances.

Buying a home can give you more stability as if you keep on paying your mortgage payments, you cannot be kicked out of your place. It ensures you that you don’t have to worry about your children’s schooling after moving from one place to another.

Disadvantages of Buying

Buying is much riskier than renting a home in term of financial concerns because you don’t know what unexpected things might happen. As suddenly decrease in your home value in market can cause you a huge financial shock.
Buying a home can cause another pitfall as it bounds you to stay with your community. It will become very difficult for you to suddenly cut ties with your home and change your place. First you have to put it for sell and then wait for it to sell on a reasonable price. It is an exhausting and time-taking process.

Only you are responsible for maintenance of your home. Unexpected repairs and maintenance always seems to appear unexpectedly to cause you additional cost.

Another big disadvantage is foreclosure risk. As unexpected things always happen with us when we are not fully prepared for them, this risk might haunt you at that phase. For example, you suddenly got fired from your job or bankrupted and are unable to pay your mortgage timely payments. Foreclosure will make you lose your home which is way more drastic than being kicked out from rented house for not paying rent.