Difference Between Buying & Renting a Home

Home is the place where you eat, sleep, feel safe, laugh and cry. In Pakistan, you are living in a society, where you need high privacy and security. A home is a place which provides you security, identity and privacy. In simple, everyone needs a home to live (either owns a home or you are renting it). 

When it comes to buying vs. renting a home, there is always a passionate debate. This topic became very crucial from the time Pakistan’s real estate caught the attention of the entire nation. Whether you want to buy a property to live or you choose to reside on rented house, both sides have their own sets of pros and cons. Let’s clarify things a little more for you, so you can decide the best option for yourself between buying a home, renting one (given there are no budget constraints). 

Buying a home:

Buying a home is the biggest purchase that most of you will make in your lifetime. Owning a home has many benefits: it is great to be able to call a place your own, to put down roots in a community, and to personalize your living space however you like. Following are the key advantages of buying a home;


  • Best Investment option:


There is no secret that, in Pakistan, real estate is among one of the best options of investment. Every second person suggests you to invest in this sector, as it is the safest investment so far. So, owning a home is typically considered a great investment because you might make a profit when selling it. Hence, if you buy a home, its value will be appreciated over time. 


  • A Source of freedom: 


Buying a home will offer you great freedom. You become an owner, which gives you the liberty to do anything and everything with it. You can change the floor layout, decor and renovate it as per your choice and need. However, when you rent, you can’t make changes to the property.


  • A source of Internal Satisfaction: 


Buying a home becomes a source internal satisfaction. You will have a feeling that, you have your own roof to live under. It gives you a sense of security and safety in the event of an unfortunate incident in life.


  • A cause of Pleasant feeling: 


Many people are very reluctant to move, reluctant to try, reluctant to even think that what they can actually afford. They don’t have any idea, what are the feelings to buy/own a home. Logically speaking, having own home is one of the most pleasant feelings. When you buy a new home you feel that you are entering into a safe haven. It becomes a place where you can save your memories and can build your future plans without any restrictions or fear. 

Renting a home:

Renting means that pay someone for the use of something. Renting a home is a source of shelter but not for a lifetime. An agreement is done; for temporary use of a property that is owned by another. It is an example of the sharing economy. Following are the advantages to take a home on rent;


  • When you can’t purchase it, take it on rent:


There are a number of reasons for renting a home. The main reason is the necessity. Shelter is a basic human need, and no one can live without it. So, when someone is unable to purchase a home, he will ultimately prefer to take it on rent. 


  • Renting a home offers flexibility: 


A common rule of thumb is that, if you have a plan to live not more than five years, don’t purchase a home. In that case, you will have the flexibility to move and not just be tied to one place. These are the main benefits of renting a home.  


  • Provides a chance to live at best suitable location:


As you know, home prices differ with locality. If an individual wants to live in a certain location but is unable to afford to purchase a land there, then he can live on rent. So as a renter, there is the possibility of living in an area in which you could not afford to buy.


  • No maintenance and other charges: 


If one is living in a rented home, then his responsibility towards the maintenance and other petty issues such as leaky roof etc., becomes zero. In case of any problem, all you have to do is to call the owner. So, renting has an edge over buying.

It can be concluded that, renting vs. buying a home, depends on where you are at in life. For one person may be buying a home is the better option, but that may not be good for another. Read these suggestions carefully, and then decide which option is more suitable for you. Good Luck!


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