Buying your own home vs renting out can be a tough decision. Both options have their own pros and cons.
Purchasing your own home is a good option if you are planning to settle down and stay in one place for a long time. It helps you build equity and a long-term asset that can give you financial security in life.
Renting a property has its own benefits. You do not need to put down a significant amount in down payment. You are also free to move and transfer to a different part of the city, or country.
In this blog, we take a quick review of both options and the type of people who can benefit from each option.
Buying Your Own Home
Buying your own home offers various benefits for users. The biggest advantage is the security and comfort you get with the knowledge that you are the king of your own castle, or master of your own home. There are no landlords to deal with and you get the sense of ownership that you just cannot have in a rented property.
Another major benefit of buying your own home is that you are investing in something of value. Property prices have been rising historically across Pakistan. If you invest in buying your own home today, you can bet on having a home of high value in the future, that you will be able to pass on to your children.
Finally, buying your own home gives you more privacy and freedom. Most people in our country live in a joint-family system, where they do not get the best privacy or freedom to live as they want. Buying your own home allows you to decorate and furnish your home the way you want.
Renting A Property
A large number of people across Pakistan live on rent and never buy a home. There are two main reasons for this.
First, buying a home means you must invest a lot of money into the property. Many people are unable or unwilling to put this much money into a property. Keeping your fund untied to a property allows you to invest them into other opportunities and ventures. This is perhaps why most business owners never buy a home.
Second, most people prefer to live on rent. This is because it gives them the freedom and flexibility to move from one place to another. If you do not want to be tied down to one place, living on rent may be a good option.
When you think about whether you should buy your own home or rent a place, ask yourself what type of lifestyle do you want? Do you want to have the freedom to move around, or do you want the security you can get by settling down and staying at one place? Do you want to invest money into your own home, or something else? Are you looking to invest into something that gives greater value over a period?
Based on what you want out of life, you can make the best decision about buying or renting your home.
If you need advice on how to buy your own home, feel free to comment or get in touch with us.