Buying or Renting a Home? Which one is better?

Having your own home is a dream of many. Owning a home means owning a safe space. Where you don't need to think before doing anything. Buying a home is one of the best real estate investments. But, there are some who believe renting a house is better since it is cheaper and comes with less responsibility. 

Buying or Renting?

Now if you are reading this blog, it probably means you are planning to move or are ready to invest in a residential property in Surat. So, let us be of help and inform you of the pros and cons of buying and renting a home so you can choose whether to buy or rent a home. 


Buying a House

Buying a home is one of the biggest decisions of any household. As it is one of the most expensive purchases of most people’s lives. Having your own home comes with responsibilities. You need to maintain and repair your home from time to time. When buying a home you need to pay a big amount at first before the EMIs start, like down payment, official document charges, real estate investment brokerage if any, etc. the only downfall is if the value of your home depreciates (means the home is valued less than the purchase price).


But having your home also comes with the advantage of carefreeness. If the house is bought after good research and analysis then the chances are your residential property in Surat will gain more appreciation than its actual price. You pay for the EMIs for a certain period of time and after the EMis are done paying you to get to live in a home with no money needed to pay for it. Most home loans are paid for a 12 to 15 years long EMI period. So if you are young and thinking of buying a house then chances are you are going to live in a house totally free in your 40s. So, You need to first decide if you are ready to invest for a long term period. 

Renting a House

Renting a residential property in Surat means a landlord charging you a fee to let you stay in their home with their specific rules. You need to bind a contract for a certain period of time with the homeowner before you start living in their home. It comes with its own responsibility too. You have to follow the rules that the landlord must have decided. You may not be able to do specific changes in the house without permission. The order is to pay a 2 or 3 month rent worth deposit with the contract to secure the landlord from having to make any improvements and repairs from the damages the renter caused. The biggest disadvantage here is if you do not buy a house at these times, then the upcoming projects in surat may not fit in the budget that you are planning to invest with. 


Renting a house also has its own advantages. The landlord usually takes care of the maintenance and the repairs of the property, so you don’t need to worry about that cost. You don't need to worry if the fridge is broken or the AC not working. Another advantage of renting a home is the flexibility of the movement. If you have to move for whatever reason, you would not need to worry about selling your home first or having to maintain the home for the time you will not be present at your home. 

To Conclude:

Buying and renting a home comes with its own advantages and disadvantages. Having a home will mean that after a point of time, you will be the complete owner of the property(as you will be done with the EMIS), and the only cost you will have to pay will be the cost of maintenance and repair(if any). Whereas the rent you pay every month will be just counted as fees to use a space to live instead of investment. You can be paying the same amount for EMIs that you pay for the rent. You just need to be saving a little to pay the down payments and the beforehand charges. Buying commercial and residential real estate projects/properties has proven to be the best investment for years.


So now, if you have made your decision to buy a home in a new or an upcoming residential projects in Surat, then we would suggest you guide yourself through the tasks of Sangini Group to find the best real estate project in Surat.

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