In Depth Comparison Between Renting an Apartment Or Buying An Apartment

Now a day people are having the trouble of taking the decision to rent an apartment and buying an apartment. In other words, they are not able to decide what best for them and what not. Rental apartments have their own pros and cons. On the other hand, buying an apartment also has its own pros and cons.

Let’s start with the basic comparison rental home is affordable for first-time accommodation. But on the other hand buying a home is too costly for first-time accommodation but it is like a future investment. Now dig into the in-depth comparison between renting an apartment and buying an apartment. This comparison will help you to choose the best option for you. Let’s get started

Here are the key points of the comparison between renting an apartment and buying an apartment:-

1. Investment: Rental apartments require fewer amounts to invest in your accommodation. There are lots of options available in the market for rental apartments. E.g. you can choose a studio apartment, service apartment or even a guest house for accommodation. That’s why these apartments are the best accommodation at a low cost. On the other hand, buying the apartment is quite expensive. The prices of the apartments are depending on the location of the apartment. But buying a home is a future investment. Buying a home is just like investing the huge amount of money for getting the long-term return. So the result of this comparison is a big tie.

1. 2. Moving Out: Moving out also known as relocation. It is the best advantage of the rental apartments. Because the tenant can move out or relocate any time they want. But they need to fill the notice period before moving out to another rental apartment. There is no headache to sell the house or anything like that. With buying an apartment there is no freedom to move out like rental apartments. If you want to move out to the new location you need to sell out the home. This is quite a bit long process. The rental apartment is the winner of this comparison.
2. 3.Renovation: As we have already discussed that there are some restrictions on the tenant in rental apartments. Can you imagine that a tenant can renovate the rental apartment? There is a big no, but in some cases, the landlord renovates the apartments especially service apartments as per the tenant demand. On the other hand, buying a home allows the owner to renovate home décor or even the whole property as per their desire. In this comparison buying a home is a winner but we can’t neglect the renovation freedom of service apartments.
3. 4. Generate Money: Would you believe that you can generate money with rental apartments. If no then you should know that rental apartments save the huge amount of money. Therefore the tenant can invest that money on some kind of investment plan whatever they like. The return on the investment will generate money for the tenant. On the other hand, the homeowner can generate lots of money for their apartment. E.g. they can rent the house, leasing the house or even sell the apartment. But remember that selling an apartment may generate one-time money. But renting and leasing can generate regular income. The result of this comparison is also a tie.
4. 5.Restrictions: Usually landlords of the rental property usually put some restrictions on the tenant. The rental apartment is known for their rule and regulation. And the tenant needs to obey the entire rule. There isn’t any kind of freedom to the tenant in the rental apartment. On the other hand, buying apartments allows the full freedom of the owner. There isn’t any kind of restriction for the tenant. Apart from the society rule. But the freedom is quite enough for the homeowner to live a happy life. This comparison says choose to buy a home option.

Conclusion

There is not a well-defined winner with our comparison. But not to worry we will provide you the last statement that what will best for you. If you are living outside your home city and you are a working professional in cities like Gurgaon. Then you should opt for rental apartments likewise service apartments in Gurgaon. But if you are a businessman or you have a huge salary package then just go for buying an apartment option without having any second opinion.

Sumit is a Seo executive working for < a href="https://www.balajiservices.net">Balaji Services Gurgaon. He is contributing with his informative articles on real estate.