Buying vs Renting a House - Which is Better?
Pros of Homebuying
- Asset Building
- Tax Benefits
- Low Rate of Interest & High Rate of Appreciation
- No Shifting or Moving
- No Interference of Landlord
- A Sense of Security
Cons of Homebuying
- Upfront costs for down payment, registration fees, etc.
- Complex Buying Process
- Paying Property Tax
- Regular Maintenance Costs
- Long Term Investment
Pros of Renting
- Less Upfront Expenses
- Utilities Included in rent
- No Long-term Commitment
- Landlord Pays for Maintenance
- Rental Insurance is Inexpensive
Cons of Renting
- Rising Rent
- No Tax Benefits
- Limitations by Landlord
- Post Retirement Challenges
- Societal Challenges
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