Most people want to live in a peaceful home. But, they are often confused about whether to buy a home or rent it. Some think investing in rental properties is more beneficial than buying a home, while others claim inverse thoughts.
However, both renting and buying properties are better on their terms. After shedding light on some of the aspects will let you know more and make it clear to take your decision.
How renting is better?
Renting is better if you fulfil the following scenario.
Staying for a short time
If you have no intention to live in a house or an area for a longer duration, you should rent the house instead of buying it. For example, due to some office work of your company transfers you to some areas where you have to live for an year or two. It will be better for you to find a home in a comfortable area to rent it. However, if you have intentions to live more than five years in a location, you should change your mind about renting a home.
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You have low cash
As you know, that buying a home needs massive investment. So, if you have low cash, then you should go renting a home. If you go for buying a house with little resources, it will suffer you from the burden of debts. So, renting, in that case, is a better option.
Your company is unstable.
Working in an unstable company, or you are freelancing with some uncertain clients that fluctuate your income. Then, you should find a home to rent in an average area. Because, for buying a home, if you take a loan, you may not be able to pay your mortgage in the future.
Uncertain circumstances come with no invitation. Sometimes, if you are in a position to buy a home but suddenly, some drastic changes happen to you, like to make a huge loss in business. Then you should not waste your money in buying a home, rather to rent for some time.
How buying a home is better?
We read that in some specific circumstances, you should rent instead of renting. Now, here are some conditions which permit you to buy a home.
You have an additional cost.
For buying your home, you must have some additional costs of buying a home. First of all, you must have a 20% down payment and agent commission. Also, you must have some amount for closing costs. To maintain the structure of your home, you need to have some amount in cash. If you have that much amount, then you should surely go for buying a home.
You want to stay forever.
You should buy a home only in that condition if you want to live there forever. You don’t need to buy your home just for momentarily living. Your firm intentions to live in a house and then pass it out to your children make sense of investing in buying a home. However, if you want to spend some meagre moments of your life, then buying a home is an idle decision.
Well stable job
If you have a well stable job or a well-settled business, then buying your home is a wise decision. Because in that condition you can pay all the costs that result in purchasing a house. Furthermore, you will have no problem paying back the loan which you take for buying your house.
Eventually, we came to the point that buying a home or renting a home both depend on your capability of investment and circumstances. However, sigma properties are here for you in either decision, whether to buy a home or rent a home. We provide outstanding real estate and marketing services.
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Sigma Properties | Rudn Enclave. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.