“Owning a home is a keystone of wealth… both financial affluence and emotional security.”
It’s always advisable to live with your own asset than at someone else’s mercy.
A home is a need & not a luxury & the covid lockdown has just taught us so.
Let’s have a look at the advantages & disadvantages of buying or renting a home.
1. Security:
An owned premises is your security cover as no one can remove you from the same. You can live there at your own whims & fancies & have no restrictions from anyone else.
While on rented premises you need to follow the house’s owner’s rules.
2. Asset:
An owned premises is an asset & not a liability. It can generate capital at times of need as well as profit through value appreciation.
While rented premises is a liability as you will never become the owner of the property by paying monthly rent.
3. Design:
You can design your own property as per your needs & wants. The cost incurred will add value to the property and your lifestyle.
While a rented premise is temporary no one prefers to spend on it & you have to live a minimalistic life.
4. Status:
An owner of a house enjoys better prosperity & respect in society than the tenant. However, high rent you might be paying you don’t command the respect of the owner.
5. Restrictions:
The owner enjoys all the facilities in society as well as government benefits.
While there are many restrictions for the tenants with respect to the usage of facilities & government benefits.
6. Transferrable:
A bought property is an asset, and security & is transferrable to the next generation.
While a tenant has no rights on the rented premises & it will always remain a liability.
So, it’s always preferable to buy a property then rent it out as it will only add to your expenses & not be beneficial in the longer run.
You may write to us at info@mevolvee.in for any property-buying advice.
Happy Investing!
For any suggestions with regard to designing your house, you can write to us at info@mevolve.in
We assure you wealth generation bits of advice via real estate to the best of our knowledge.
You can always hire our interior design consulting service to design your dream home.
#realestate #preleased #investmentadvice #realestateconsulting #interiordesigning #interiordesigners #pune #RERA
Read our previous Blogs:
5 Ways to Invest in Real Estate
Simple Ways to Invest in Real Estate
The Value of Commercial Real Estate
