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Renting vs. Owning a Home: Which is the Better Choice? Renting vs. Owning a Home: Which is the Better Choice?

Renting vs. Owning a Home: Which is the Better Choice?

Published on: Jun 14, 2024

You might be tempted when you see an ad about new flats for sale in Pune. And then you might wonder if staying in a rented home would be more suitable for you. And we get it. This is a dilemma faced by many. While buying a home is a matter of pride, buying and renting a home, both have their advantages and disadvantages. In this comprehensive blog, we will be taking a look at the pros and cons of renting vs buying a home. In addition, we will also be introducing you to a few residential projects by Triaa Housing. Read on.

 First, let’s take a look at the pros and cons of renting a home in Pune:

 

 

Advantages of renting a home in Pune

  • Flexibility 

If you are looking at flexibility, then renting a home would be a better option for you.   Renting a home allows you to move without the hassle of selling a property.

  • Lower Upfront Costs

Renting typically requires a security deposit and the first month’s rent, which is significantly lower than the down payment and closing costs required to purchase a home

  • No Maintenance Costs

Tenants are generally not responsible for maintenance and repair costs. If an appliance breaks or the roof leaks, it’s the landlord’s responsibility to fix it. Having said that, you will have to pay the society maintenance charges, which may vary according to the amenities offered.

  • Access to Amenities

If you rent a home in Pune, you could indulge in a lavish lifestyle, as many apartments offer amenities like swimming pools, fitness centers, clubhouses and more without additional costs.

  • Financial Predictability

Rent payments are usually fixed for the lease term. This offers you predictability in monthly housing expenses. This can make budgeting easier.

  • No Property Tax:

Property taxes could be a substantial annual expense for homeowners. Good news for you – you won’t have to pay it, the owner of the property will.

Now, Let’s Take a Look at the Disadvantages of Renting

  • No Equity Building

Rent payments do not contribute to building equity. The money spent on rent does not result in any ownership stake in the property.

  • Limited Control

You will have  limited control over the property. You will also have to follow rules and regulations set by the landlord. So, if you want to make any changes or if you wish to renovate the property, you won’t be able to do that.

  • Rent Keeps Increasing 

Rent can increase at the end of a lease term, which can make long-term financial planning challenging.

  • Lack of Stability

Renting does not offer the same stability as owning. Tenants can be asked to move out if the landlord decides to sell the property.

Owning a home is a significant investment that can provide long-term financial benefits and personal satisfaction.

Here are some key advantages of owning a home in Pune

  • Equity Building 

You are building wealth when you own a home. You could sell it in the near future if you wish to add to your liquid assets, or just wish to invest in some other asset.

  • Stability 

Owning a home provides you a sense of stability and security. You won’t have to worry about the risk of eviction. In addition, you can also make long-term plans as you will have a permanent place to live.

  • Freedom 

When you buy a home in Pune, you get the freedom to renovate, decorate, and make any changes to their property according to your  preferences and needs.

  • Great Returns 

Real estate often appreciates over time. This means the property’s value may increase, providing a handsome return on investment when sold.

Disadvantages of Owning

  • High Upfront Costs

Buying a home requires a significant upfront investment, including a down payment, closing costs, and moving expenses.

  • Maintenance and Repairs

Homeowners are responsible for all maintenance and repairs, which can be costly and time-consuming.

  • Property Taxes and Insurance

Homeowners must pay property taxes and homeowners insurance, which can add significantly to the cost of ownership.

From the above analysis, owning a home in Pune would always be a  better option, as it offers you stability and adds to your wealth. If you are looking to buy a home in Pune, you must take a look at residential properties by Triaa Housing.

Here are a few projects by Triaa Housing that might impress you –

 One Aretha:

 

 

Renowned for its Greek-themed architecture, this residential project in Dhanori offers you the perfect blend of aesthetics, elegance, world-class lifestyle and convenience.

MAHA RERA NO.: P52100054352

https://maharera.mahaonline.gov.in/

Kosmic Courtyard:

 

 

Situated in Wagholi, this development of 2 & 3 BHK residences is adorned with 35+ lifestyle features. Belong to Kosmic Courtyard, and elevate to a new world of unmatched indulgence.

MahaRERA No. P52100032462 and P52100055341

https://maharera.mahaonline.gov.in/ 

To explore more residential projects by Triaa Housing, please visit – https://triaa.in/

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