Maxworth realty CEO believes that owning a house in India is the one of the biggestdream of most the peoplebut in financial aspects, there is always an argument between buying a property or renting one. Maxworth Realty Reviews says that it all depends on one’s personal choice and many combinedfactors that influence this mind war of renting or buying.
Difference between renting and buying a property
According to Maxworth Realty India Reviews, the basic difference between renting and buying is ownership of the property.Despite that, there are pros and cons of both the sides.
Pros of renting a property:
- Reduced current cost
In buying a house, costs like regular repairing, house tax etc. gives a dent in the pocket. On the other hand, taking a house on rent helps to avoid all such cost and a regular monthly expense is all that one need to pay.
- Easy to shift
Though a rented house is for a particular time period, it is convenient to relocate the house either inter-city or intra-city according to one’s need. In case of people with transferring job can easily move from one house to another. They are many rent house options available at Maxworth realty facebook or you can reach us at Maxworth realty contact number.
- Relieves burden
A rental house doesn’t give any burden of regular heavy EMIs. The loan EMIs cannot be reduced but a rent can be reduced according to the person budget.
Cons of renting a property:
- Never gives an ownership
In a rented house, even after paying heavy rents regularly, it won’t give any ownership to the person. Without ownership, you cannot even make simple modifications like paint in the house.
Pros of buying a house:
- Enjoy ownership
Enjoying the living in a house as an owner gives all together a different happiness. This also gives a security of living in a house. The owner is free to make any kind of modification from painting a wall to renovating it all together. You have the right to decide how long you want to stay. Nobody is there to allow or disallow you from any decision. So to enjoy this ownership you can connect to Maxworth realty Contact person or Maxworth realty customer care.
- Worth accomodation
In buying a house with monthly EMI, gives an accommodation that values equal to the amout paid. Snd with every payment of EMI, you can get the proportional ownership of the house.
- Investment
Buying a house gives a safe real estate investment. It provides a physicalasset with has a potential of capital growth, tax benefit and regular rental income if rented out.
Cons of buying a house:
- Difficult to relocate
When you are buying a house and wants to shift to another house for any reason then it is very difficult to move. People with transferable job will face major issues after buying a house.
- More responsibilities
Owning a house is status symbol but it comes with many responsibilities like house tax, regular repairing, maintenance charges etc.
Factors that influence the decision of buying or renting a house
Owning a house or renting a house, both are equally good option as they both for Maxworth realty company and have their own advantages and disadvantages. There are few factors that influence thisdecision. Some of them are:
- Budget of the buyer
Financial situation of a person plays a crucial role in decision of buying or taking a house on rent. This is because buying need large amount of money all together and rent needs a small amount of regular monthly income.
- Way of living
In case of taking a house on rent will mean that a person needs to live on rules and conditions of the landlord. On the other hand, owning gives a complete freedom to your own way of living. So, itsup to you, which kind of property to look for.
- Tax benefits
Everyone wants to save their tax. Tax also gove some dedications in both renting and buying a house. If you buy a house, you can claim a tax deduction of 1.5 lacs per year on home loan repayment under Sec 80C of Income tax. Similarly, HRA employees can deduct their HRA under Income tax, 1916.Maxworth Realty India Reviews saw many people buying property and taking tax benefits.
- Market condition
Market conditions of real estate also form a major part when buying a house. This market is very uncertain. Maxworth realty reviews had witnessed that it is better to take a house on rent in the boom phase of real estate market.
This Renting or buying a property is a never ending question for Maxworth realty future. We tried to explain you every aspect of both the options.