Whether to rent or to own a property is a significantly difficult decision that one encounters. And it depends upon your long term goals, lifestyle preferences and personal circumstances. Moreover, it is true that both renting vs owning a property has its own pros and cons. Therefore, one must consider both of the factors in order to take a right decision.

Firstly, lets take a look at the Financial Considerations

Financial Considerations

1. RENTING THE PROPERTY

• Initial Cost– The initial cost of renting is much lower than owning a property. Therefore, you don’t need to save too much for a down payment.

• Monthly Expenses- The maintenance costs are the landlord’s responsibility. Therefore, you have to look after the rent and possible utilities only.

• Investment opportunities- Being a renter, you are not investment bound. Therefore, you can make your investments in stocks or bonds. Hence, another parameter for renting vs owning a property.

• Flexibility- Being a renter makes it easier for you to relocate to different locations for job opportunities. Because you don’t have to sell your property before relocating. Therefore, another benefit of renting a property.

2. OWNING THE PROPERTY

• Value appreciation- Once to pay the mortgage, owning a property builds equity. Moreover, there is a potential for financial gains as properties perhaps do appreciate in their values over time.

• Stability- Owning a property can provide you with the sense of security and stability. Moreover, you get the freedom to make modifications as per your need.

• Good for long-term investment- If you want to have an asset for retirement, then owning a property can be a better option for you. Moreover, it provides financial stability to you.

Also Read: Steps To A Successful Property Purchase

Lifestyle Considerations

Secondly, let’s take a look at the Lifestyle Consideration in renting vs owning a property.

1. RENTING THE PROPERTY

• Lesser Maintenance Responsibilities- Being a renter, you don’t have to look into maintenance and repairs. Therefore, you are free from homeownership stress.

• Limited control- Renters have a very limited control over any modifications. Therefore, it limits your ability of having a dream living space.

• Mobility- If you value relocating, then renting can prove to be a better option for you.

2. OWNING THE PROPERTY

• Personalization- Homeownership allows you to modify your personal space as per your preferences. Thus, you can make modifications as you like.

• Long-term Stability- Homeownership can provide you with long-term stability for your family. Moreover, it provides consistent living arrangements.

• Sense of accomplishment- Owning a home can be a big milestone for many people. Therefore, it makes you feel proud and build a sense of achievement.

CONCLUSION- Therefore, you need to consider various factors of renting vs owning a property. Whether you want to have financial benefits of owning or flexibility of renting, you have to look at your present conditions. Both the renting and owning has its own pros and cons. But taking a right decision depends upon your unique circumstances and aspirations. Therefore, look for a space that offers security, stability and happiness to you.

Written by: Daman Deep Kaur

(Disclaimer: All the statements are opinions and perspectives. Hence, the accuracy of the facts is not guaranteed)