Pros and Cons of Buying vs. Renting Apartments in Thrissur
Are you planning to move out of your present home? Or whether you have plan to invest in a property that you can look up to as a priced possession, which would turn into a money-churning mill in the long run?
Before you plan to buy or to rent a house, there are certain things that you need to consider. And, we are going to examine those points in this article so that you can arrive at a fair decision to buy or rent a home.
In fact, when you scroll across these points, you might wonder that you already know all these things, then what is the whole point of discussion? The thing is we all know, but most of us fail to implement these aspects of real estate in real life scenarios.
Sometimes it is mere carelessness that drags us into potholes while there are situations where in our real estate agent might fail to alert us of the differences that arise when we buy vs. rent home.
In the case of real estate agents, there are certain things that they wish the buyers and sellers know though they might not discuss these with us.
If you are someone who keeps on moving from one place to another because of unavoidable reasons, then buying a home might not be a good option.
So, we are going to discuss the pros and cons of buying vs renting a home:
1. Equity Perks
When we own a home, the mortgage amount that we pay is equal to the principal plus the interest. This principal amount added with the down payment is the ownership you hold over your home.
This ownership that you have over your flat or apartment is referred to as equity.
Now you have a flat or an apartment that becomes one of your priced possessions in the long run.
When you pay rent to a flat or an apartment what happens that you are paying a fixed amount of money to the homeowner every month and if you move to another flat the process continues as the same.
Also, the rent may exceed when you make a comparison to the amount paid towards the defined mortgage amount.
The equity or ownership of your home is a factor that will have you reconsider your decision to stay for rent.
When you stay for rent there is always a concern of security factors that if the house owner asks you to move out all of a sudden one fine morning?
Of course, you might be wondering that you signed an agreement with the landlord before moving into the rented flat or apartment, then how can they order you to leave?
At the end of the day, it’s their home, and not yours. You are just the tenant, you might think of fighting for your rights legally, but then again, it is a waste of time and money, and moreover, the house comes under their ownership and not yours. So their always an insecurity at rented house.
But things are different when you live in your own home!
No one can push you out of a flat or apartment that belongs to you, registered under your name.
3.Your Home is an Asset
Suppose there arises a situation wherein you have to move out of the city where you reside in now and you own a flat or apartment here. Then, you can look for tenants to rent out your house.
Here, you can turn your home into an income source!
If you are moving out of your city for a short period, you can draw a fixed income from your home every month.
Of course, if you are in the new place say for a few months or say for 2-3 years, then you can think of taking a home for rent rather than buying one.
You can use the income from your home’s rent to pay for the flat or apartment that you have taken for rent in your new place.
This way your home will be taken care of and also, you get a fixed income turnover too.
If you are moving out to the new place for a permanent settlement, then you can think of selling your home.
And, you can use the money from the sale as part of the down payment or full payment for buying a home or property in your new place.
This is why the real estate agents always recommend to increase or add value to your home so that you get a high turnover when you sell.
4. As a Homeowner You Enjoy Freedom
When you rent a home, you have to live in fear as we already discussed in # 2 because the homeowner has the rights to ask you to leave as and when they please.
But, as the owner, you enjoy independence. This is your home, and you can do whatever you wish.
You can do something to add value to your home. You do not need to wait for the permission of your homeowner to make changes.
When you buy a flat or an apartment, as an owner, you will require to pay for the maintenance charges annually as required or specified by the building’s maintenance committee.
But, a tenant never has to worry about these maintenance charges which will be taken care of by the owner.
If anything breaks or if there happens a leakage, as a homeowner you have to pay for the charges, or whatever stated as per the agreement.
Suppose one fine morning you feel like you don’t belong to this place or for some other reason you are forced to move out. You cannot run away without paying the mortgage or loan amount.
If you run away, you know what will happen; you lose your home.
But when you are living in a rented apartment there are fewer worries on these amounts.
So, what do you think? Would you like to go ahead with your decision to buy a home? Or do you think to stay in rented home is a better option? Whether you buy or stay in a rented flat you have to consider many other factors that many influence your decision such as your situations, profession, income, family etc.
If you own a home, share with us the pros and cons of being a homeowner and let us know whether you think you would have been better off in a rented home?
Hi-Life Builders is one of the top builders in Thrissur offering good living spaces with all the modern amenities and facilities. Our flats and apartments are the best in town, we give what we guarantee, and you will find that our living spaces are worth the money you invest.
Are you planning to buy a apartments or flats in Thrissur? Then, Hi-Life Builders offers you with a wide range of flats and apartments in Thrissur city.
Contact us today and get your dream home booked!