There are obvious benefits of owning a home such as pride of ownership, status symbol, creation of asset and wealth, privacy, and feeling of freedom to customize according to your own liking. However, buying a home is a massive financial decision involving lots of money and a long commitment to a lender. Therefore, large numbers of individuals and families continue to live on rent. Here are the pros and cons of both owning a home and renting.
While buying a home has many advantages, buying or continuing to live on rent is totally dependent upon your circumstances. If you think you have settled in your life and earning enough to easily afford the EMIs to a lender, it is certainly prudent to try and buy a home for your family. On the other hand, if you are young and still hoping for a better job and career, it is advisable to live in a rented place. You can always think of buying when you have found a good paying job and started on your family.