Have you ever found yourself in the dilemma of whether you should go for buying or renting an apartment? Owning a home is a blissful experience yet many opt for flat rent in Dhaka and other major cities. But before making this lifetime investment, take a pause and see if you are ready for it. Buying or renting has often been a debate due to the merits and demerits on both sides. If you are struggling with which side of the coin to choose, this write-up is for you!
Benefits of owning a home
- A valuable asset to own: Living on rent is undoubtedly an expenditure that you have to deal with every month. Buying a home will finally give you the freedom to call something of your ‘own’. A valuable asset that will enable you to have complete control over. You will be able to upgrade and renovate or whatsoever.
- Social and emotional fulfillments: Owning a piece of property provides you with a life that is emotionally fulfilling, a freedom to live on your own terms. Besides, it also reflects your status and success in society that creates a sense of belongingness.
- Increased security and stability: When you live on rent, situations might arise that the landlords may not want to rent their properties anymore. Moving out is a hassle and sometimes expensive that one can barely bear. But when you step into your dream home, you no longer have to deal with the landlords. You become the boss of your home!
When to opt for home rent?
- Cost-effective: Before embarking on the decision of whether you should buy or rent a home, consider evaluating your expenses. Because the cost of living in Dhaka is no longer the same as it was a decade ago. If you think your savings are not enough for you to buy a home then renting, for the time being, would be a wise choice. Recheck and review your finances if buying a new home fits your budget.
- Flexibility to move: Renting a home will give you the freedom to move whenever you want to! Climbing on a rental ladder is markedly much quicker, easier, and cheaper of course! If you ever feel the need to move from one area to another in case of certain emergencies such as proximity to office, university, or for other communal facilities you will have the liberty to shift when in need.
- Low maintenance cost: When you rent a flat, you can shrug off the headache of paying the extra costs of household maintenance. All you have to do is pay rent, and let the landlords handle the rest!
Ask Yourself Before Mapping Out the Route
- Do you have a stable income? What do your savings say?
- What are your plans? Do you want to settle down in the locale you are right now or would like to move out in the forthcoming future? Tip: take your kid’s educational institution into consideration.
- Are you in the position to upkeep the extra maintenance costs associated with homeownership?
- Do you have enough finances to support after bearing all the living expenses?
Be it buying a new home or renting an old one, whatever road you choose to walk, Mr. B from bti Brokerage will be there to accompany you as he’s an expert at finding both for you!
