What Is the Best Option Buying a Home Instead of Renting

Buying a home or renting a home has always been a great dilemma. There are both pros and cons of buying and renting a home. Owning a home has been the most important decision for an individual to make. 

Advantages of buying a home over renting 

There are many advantages to buying an apartment which builds your wealth. The following points are such aspects.

• A sense of security as it is your home
• You can avoid the tension of increasing rents
• If you buy an apartment with a loan you already know the EMI required to be paid which makes you more stable and can plan future expenses

You have the freedom to redesign your own home accordingly unlike rental one.

Advantages of renting a home over buying:

There are many advantages to renting a home rather than buying which will help you to save money for the future. The following points are such aspects.

• Renting a home can be cheaper as you don’t have to put all your savings into a down payment instead can be used in the future for other purposes.
• By renting a home you can shift places anytime you want.
• Renting a home means you have no tension of paying taxes like water bills, property taxes, etc. 
• By always renting a home you have the option to shift according to the number of people staying in the house if your family grows you can move and increase the cost of home

Make a correct comparison between renting and buying by factoring in the complete cost of renting a home. We can compare between buy and rent by using a price-to-rent ratio which is evaluated by dividing the home value by the annual rent amount.


Check out the following points which may help one to analyze their own situation in whether to buy a home or rent it.

• To what extent you would stay at a place where you are?
• Do home prices dependably grow up?
• Are you spending too much money on paying rent?
• Do you save money on taxes?

To what extent you would stay at a place where you are?

It is important to decide that at what extent you are going to stay at a place as if you intend to stay longer it is not a problem to buy a new home. If you stay longer at a home you can sell it for higher profits in case you are moving to places

Do Home prices dependably grow up?

Home costs have encountered a progressive development in the years which is making it a huge investment. If you think to buy a home as an investment you can buy it at a low cost save your money for future purpose

Are you spending too much money on paying rent?

A common doubt every individual faces when they think about expenses. It is better to buy a home by taking a loan and paying an EMI monthly rather than giving rent of the home

Do you save money on taxes?

Many assume that the cost of house ownership can be balanced by taxes which are generated by mortgage deduction which is right at a point, as in order to gain profit you have to check tax deductions.