Should an individual purchase or rent a house? The working class contemplates upon a myriad of reasons when it comes to taking a decision regarding this question like their salary bracket, the affordability of the house within their reach etc. An individual can purchase a house or can rent it as well. However, complexities are bound to be there with both options, and to address such issues beforehand, people need to have a concrete blueprint in mind regarding these factors. This space articulates a point-to-point breakdown of the points which the people should keep in mind while choosing to buy or rent a house.
1. Cost of the home repairs
One of the biggest advantages of renting an accommodation is that you are not required to incur any expenses on the repairs related to the rental property. For example- if there is any expense related to the maintenance of any water tank, pipe, kitchen or any other aspect, the landlord is there to assume full responsibility of that. However, if you have purchased a house, the complete onus of getting everything repaired is on you.
2. Facing instability
People who reside in a rented accommodation across the world face the instability factor because they have almost zero to less options if they the homeowner wishes to evict them. The landowner can do so by giving them a notice of only few months. Meanwhile, the people who own a house, face no such traumatic experiences. It is one of the formidable reasons that owning a house is the biggest accomplishment in life for everyone.
3. Five-year rule for purchasing a house
Another crucial factor that the people need to keep in mind while renting or purchasing a house is that whether they intend to live in a particular locality for at least 5 years? People should prefer purchasing the house instead of renting if they intend to live in that accommodation for at least 5 years.
4. The job factor
If your job factor requires you to change locations after a few months or years, then you should not go for purchasing an accommodation. You should instead opt for renting because that can provide you with the flexibility needed to adjust with the temporary nature of the job.
5. Increase in the rent prices
Renting a property can be a good option only if someone feels that their salary will allow them to adjust with the rising cost in the rent prices.
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