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Property prices and interest rates are on the rise. Buy or rent a home is a big question. Most of the people are not able to decide between these two which is more profitable deal between the two. The advantages of buying a house are also many. On the other hand, the disadvantages of buying a house are also not less. Despite this, most people think of buying a house before renting it. Renting a house also has both advantages and disadvantages. Are you also thinking of buying or renting a home? After knowing the advantages and disadvantages of both, you will be able to take the right decision.
advantages of buying a house
Before talking about the benefits of buying a home, it is important to have a look at the cost of the property and the rate of interest. According to CRISIL report, there has been an average increase of 6% in property price every year for the last almost a decade. On the other hand, the interest rate on the loan also increases. The money you invest towards buying a home comes back in the form of equity. The reason behind this is the rise in property prices. Going forward, it can be a source of savings and money for the family as well. The advantage of buying a house is that you are saved from paying rent every month. Apart from this, tax saving up to 1.5 lakh is also possible.
home buying disadvantages
The disadvantages of buying a home include stability. That is, once after buying it, people can never change the house according to the time if they get a job elsewhere. The most significant of the disadvantages of buying a home is the upfront investment. People can buy a house only by putting all their savings together. On taking a home loan, you pay EMI every month like rent. It may also cost thousands of rupees to get the house repaired, painted and other works done.
Benefits of Renting a Home
The advantage of renting a house is that people can shift to different areas anytime. While getting a job anywhere, there can be some problem while changing. There is no need for capital at the same time, these are also advantages of renting a house. On the other hand, if we talk about the loss, then every year there is an increase in the rent. The landlord can ask to vacate the house at any time. Buy a house or rent it After knowing the advantages and disadvantages of both, now you can easily decide which one is more profitable.
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