Advantages And Disadvantages Of Buying A House

There are only two possible accommodations namely either you are secured by purchasing a house to live or dwell in a rented accommodation

. Are you thinking of buying a house and saying good-bye to rented accommodation? There are both advantages and disadvantages with them, but in this article we shall look at both the things.

In case you are willing to purchase a house just because you have your own reservations about a house loan, then you should think that house loan can be taken as per your convenience and budget as well. If you find it very difficult to find a suitable place for living, you can take the help of several online sites which specialize in property selling and buying.

And, to own a house is a rewarding investment wherein the appreciation of the property gives you good returns, sometimes these returns are really high. So along with the place to live, you are making your money fetch you huge deposits in the near future. A rented accommodation demands continuous payment of rent till you dwell in the place. The money you have invested is a waste expenditure which gives no returns.

Thus, it is better to own a house instead of renting a place. You can just simply become an owner of a house by converting monthly rental bill into Equated Monthly Installments (EMI). Within the stipulated time, you will own a precious asset and gives you lot more value than you have invested.

By purchasing a house, you can get the design and style done according to your own choice and taste. In a rented accommodation, you will not have the freedom to revamp the property.

We should not forget that sometimes investing in a property may bring huge loss to the investor. A property purchase can be said to be profitable only if you have paid maximum amount instead of taking huge sums as loan for giving to the seller. In case you take a loan, it is wise to opt for maximum down payment before you think of buying a property so that you can avoid additional payment (known as interest rates) on the procured loan amount. The total payable amount for the purchase of the property may come up to two times the initial cost of buying. And you have to consider taking a loan for short duration.

After you buy a house, you can feel a sense of achievement and satisfaction. A rented place will remain a liability till you live in the location.

If you own a house it can become your permanent dwelling place. Whereas in a rented house, the owner may ask you to suddenly vacate the house, giving you very short duration of time.

For people who are new to a place, rented accommodation is good. Individuals, who have frequent transfers and can stay at a place only for short duration, can opt for rented accommodation because owning a house and managing it becomes difficult without staying in it.

As long as you are paying the rent, you need not worry about the maintenance part of it. It is solely the responsibility of the owner to get it revamped or repaired from time to time.

However, it is a fact which we should understand that if you delay buying a property, the money gets devalued because of the steep increase in the property prices in our country. So it is worth the time and effort to purchase a house than live in rented premises. Harji Realtors is one of the leading real estate agents in the region of Chandigarh, Mohali and Kharar. For more information on great deals in Imperial Apartments Mohali and the best 1 BHK Flat in Mohali check out our website.

by: ajay

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