All of us want to have a house of our own. But given that a property purchase is a costly affair, not all of us can afford it. However, there are varying opinions on whether to rent a house or to buy one. Some believe that renting is a total waste of money which could be saved and utilized to finance a property purchase. On the other hand, some believe that renting opens the doors to more options in terms of location, type and proximity to the workplace.
The first and foremost advantage of home buying is asset creation. When you buy a house, you add an asset to your wealth portfolio which would also give excellent returns after 10-15 years. Owning a house brings stability to your life which is really important after you settle down with your family. On the other hand, renting provides one of the biggest advantages an own-home cannot offer i.e., flexibility. If you are in the initial stages of your career, renting is a viable option as you can change your house as per the needs of your changing lifestyle. [Read more…]