Buying House vs Rented House Differences

Many people dream of buying their own house. But the property values are skyrocketing. Especially in the main cities, people prefer to rent rather than buy a house. Nowadays a lot of people face the difficult situation between buying or rented a house. Both options have some advantages and some disadvantages.

Table of contents

Advantages of buying a house

We feel safe and comfortable in our own house. For buying a house we have to pay EMI which means it offers monthly accommodation and increases the ownership of the property. It reduces the cost of moving from one place to another place.

Advantages of rented a house 

In rented a house there is no burden of EMI, property tax, or other legal issues that come with owning a house. For rent, we pay less than EMI. In rented it is possible to move wherever we want which is nearer to our office or good school.

Disadvantages of buying a house

Buying a house is more expensive than rented. For buying a house we pay maintenance charges, repairs, renovations, and property tax. There is no guarantee that the prices of properties always increase.

Disadvantages of rented a house 

In rented the house owner can increase the rent at any time and they ask you to evict the house at any time or for any reason. We have no freedom to alter or any structural changes to make without the approval of land owners. We will continue to pay rent when we don’t have a source of income. We will have to obey society’s rules, which include restrictions on pets, and limited space for vehicle parking.

Conclusion

It is not easy to choose to buy or rent a house. Once you are stable in one place for a long time and you have enough financial sources then it is the right time to buy a house. Visit openplot.com for complete details

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