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Rent or Buy? What are the Deciding Factors other than Money?

23/11/2018

Rent or Buy? What are the Deciding Factors other than Money?

When it comes to renting and buying, before reaching a final point, you thoroughly analyse the financial constraints of rent vs. buy decision. However, there are several other factors that should be considered and amazingly, they are not related to money. Let's analyze the rent versus buy option from a different perspective i.e. emotional side, personal choices and the values and attributes.

Quality of Life
Whatever place you choose to reside in contributes to the quality of life, you imagine. Do you like the character of the city life, with its nightlife activities, shopping malls, and crowded places along with its diverse cultures, or do you prefer having the safe, communal lifestyle with green spaces and abundance of open land around? Before choosing an area, learn about it in detail and see whether you will let go your preferences for the sake of owning a place or go with your preferences only.

Amenities versus Comfort
Renting a property offers great comfort and variety of amenities than buying and blocking a huge sum at one place. For instance, if you are planning to live in a high end community that offers homes with the facilities of swimming pool, sports court and gym, it will be convenient against a nominal rental amount. On the contrary, if you want to have all these facilities within your own home, you will have to spend a huge sum. Upscale apartments and homes offer such options at a lower monthly rent than mortgage for a property with the same attributes.

Emotional Satisfaction versus Hassle Free Residence
Homeownership is called the top dream of every citizen in every country. It definitely sounds amazing and emotionally appealing about being involved in the community, not being worried about movement and having a place of your own. However, they have to worry about the property maintenance to sustain the property value. However, if you are just looking for a place where you can spend a peaceful night and conveniently leave for work the next day, renting is definitely the perfect choice. Just pay a nominal amount and let other worry about everything.

Flexibility versus Stability
Living in a rental home gives you more freedom to shift to another area in a shortest possible notice. On the contrary, homeowners thinking to move to another area while leaving their current residence face more complication and hassle, especially, when it comes to selling their property. You will have to wait for a buyer to like your property and pay you money so that you can move ahead. And the entire process may just take few days or months sometimes.