Each of these alternatives has its advantages and disadvantages. The best way to understand the best decision between buying a house or renting is analyzing each option in details. Based on this, we will analyze the advantages/disadvantages of getting a mortgage loan against renting.
- Interest rates
- Home Restructuring
- Legal, tax and other costs
- Maintenance cost
- Initial investment
- Fluctuation of the real estate market
To sum up, each of the alternatives has its advantages and disadvantages. There is no definitive answer as to whether renting or owning a house is better. The answer depends on your own personal situation, your finances, lifestyle, and personal goals. You need to weigh out the benefits and the costs of each based on your income, savings, how you live and then make the big decision. So, everything is up to you!