Renting versus buying a flat. Which is the best option? This question has been haunting the minds of almost every salaried individual for ages. While some prefer renting owing to the lack of responsibility, others go for buying.
At present, buying a flat has become quite easy and economical. Thanks to technology, one can easily search for a 1 BHK builder floor in Uttam Nagar or any other place. That being said, let us have a look at the pros and cons of both renting and buying.
Renting a Flat
Renting generally means paying someone for the use of their property or vehicle. It generally comes with a legal agreement that contains the amount to be paid and the duration of the agreement.
The pros of renting a flat are as follows:
- Free from Maintenance: Usually the responsibility of maintaining the building or flat which is rented out rests with the landlord. Thus you don’t have to worry about building maintenance or any minute repairs. You can just let the landlord know if the need arises.
- No Taxation or Legal Disputes: The landlord is responsible for paying the property tax. He/she is also accountable in case of any legal disputes regarding the property. Thus the tenant doesn’t have to worry about such things.
- Easily Available: Flats and houses on rent are easily available in most localities. You can also search for Delhi cheapest flat to get a list of the cheapest flats in Delhi.
Here are the cons of renting a flat.
- High Rent: Depending on the location, rents vary and can be expensive. In most salaried individuals, the house rent takes up almost half of the monthly payment.
- Annoying Landlords: Most people are fed up with their irritating landlords. From repeatedly asking for rent to creating several restrictions for the tenants, landlords are a genuine headache.
- Constant Uncertainty: Living on rent is full of uncertainties. The possibility of the lease agreement being cancelled before time or not being renewed on completion is a big stress for a tenant.
Buying a Flat
If you have been thinking about buying a flat, take a look at Delhi cheapest flat to get the best prices. Let us have a look at the pros and cons of buying a flat.
- Readily Available: Nowadays flats are readily available in almost all parts of the country. Easy financing schemes have made it easier to buy a flat whenever you please. You can take a look at 1 BHK builder floor in Uttam Nagar if you want a flat near the area.
- Availing Tax Benefits: Tax breaks- everyone loves them. A home loan can fetch you attractive tax benefits while filing your income tax return. You can apply for a deduction on the interest paid on your EMIs when you file your ITR.
- Sense of Security and Success: Owning your own flat or home gives you a sense of success and security. This psychological edge can improve your mental health to a great extent.
Though very little in number, here are the cons of buying a flat.
- Maintenance Hassles: When you own a flat, you are liable for its maintenance. From fixing the water pipes to repairing the cracked plaster on the wall, it’s all your responsibility.
- Taxes and Legal Formalities: Paying taxes on time, complying with the necessary legal formalities and such other responsibilities might be burdening on some.
These were the pros and cons of renting and buying a flat to give you a clearer picture. At the end of the day, the decision lies with you, based on your social and financial goals and circumstances.