Owning a house irrespective of buying or building it is a huge life event and comes with immense financial responsibility. There are a number of factors involved like budget, location, architecture, space, layout, features, neighborhood, etc. A lot of research is going to go that way, as it is one of the biggest investments of your lifetime and nobody wants to go wrong with it. With property prices sky-rocketing in metropolitan cities, more people are opting to rent rather than owning a property. When it comes to renting vs buying a house, there are definite advantages and disadvantages to both sides and budget plays a vital role as well. But how should you determine whether to rent a house or take the plunge and buy a house? The advantages of renting a home An economical option Buying a house is not everyone's cup of tea. With constant hike in prices of real estate properties and increased everyday expenses, buying a house is not a priority for most. Renting a house does not overburden one with EMI payments (as most house rents are not higher than EMI), house tax, and other legal issues that are part and parcel of property ownership. It does not fix you in one place In today’s fast-paced life, you may have to keep moving for various reasons like your job, accessibility to specific facilities, including healthcare, or even marriage. Having your own home restricts you to the place where it's situated and forces you to choose an option that would not go otherwise and limit your growth. Money can be used in other Investments If a time comes when the value of the real estate isn't increasing very much, renters can use their extra savings for investments in the stock or bond market. Advantages of buying a new home Long term security When you live in a rented home there is always a sense of uncertainty and you never know when you’re forced to leave. When you buy a new home, it provides you and your family a very own space; a home. At the end of a tiring day, returning to your own nest brings alive a sense of security and comfort which is simply irreplaceable. After all, there is no place like ‘home’ where you can be yourself completely. Lucrative investment Rent is an additional expense that does not generate wealth. On the other hand, if you are buying a home you are building a strong net worth for yourself. Especially when you are likely to live in a particular city for long, it makes sense to buy a house so that you have a feeling of belonging and permanency. Delaying the purchase of a home will only result in having to invest a higher amount along with having to pay rent over an extended period of time. Tax benefits Your home loan principal and interest repayment fetch you attractive tax breaks. Also, renting actually is more expensive than just the rent you pay. Your cost is higher since you are not earning any interest on the deposit amount paid to the landlord (which is quite high in premium locations) throughout the lease term. Better amenities An established property will be generally located in the prime locations of the city with schools, colleges, bus routes, shopping centers, etc. Better facilities A well-planned established property comes with facilities like pool, lawn or common landscape area, security, Homecare services, etc. Conclusion The cost of buying a home is much higher than renting one. However, if you are stable in life and have all your finances planned, this can be the next best step for you. When you buy a home, consider all costs and choose the right home that fulfills all your needs. Whether you buy or build a home, ensure to work with a reputed, professional builder with an excellent track record of making dream spaces yours.