Owning or renting a house

Owning or renting a house

Owning : This is buying a house outright in order to secure it services.

Advantages of owning

People who own a house will feel secure and have a feeling of belongingness.

Can stay in a house for a long period.

Become a means of compulsory saving.

Changes or improvement in the house can be made whenever needed.

Gives a feeling of happiness, pride and sense of security during old age .

Credit can be acquired easily.

Can develop longstanding friendship with neighbours.

It is a good investment.

Have tax benefits.

Better furniture and furnishing can be purchased.

Renting: Renting is the compensation that is paid to the owner, generally in terms of money, by the user for the services of a house, from month to month.

Advantages of Renting

Freedom of mobility.

Can take advantage of different occupational opportunities.

Can change the house according to the needs and income of the family.

No responsibility of maintaining the property.

No need to invest on furnishings and furniture as furnished house can be rented.

Renting is cheaper.

Higher living standards can be achieved.

The family will not get affected if the property value decreases.

Money spent on buying the house can be invested in other business to get more money returns.

Gives financial freedom.

In general, many families feel that owning a house is far better than renting.