The decision to buy or rent a home depends on several factors such as personal preference, financial situation, and future plans.
Advantages of buying a home :
- Building equity & ownership of property, means you make an asset for you and your family.
- Potential appreciation in property value.
- Having control over the space and the ability to make changes to it.
- Tax benefits, such as deductions on home loan interest and principal amount.
Advantages of renting a home :
- More flexibility and freedom to move.
- Lower upfront costs and maintenance responsibilities.
- Potential lower monthly costs, as rental prices may be lower than mortgage payments.
It is recommended to carefully consider factors such as your current income, job stability, family size, and long-term financial goals before making a decision.