Renting vs Buying – A Property Dilemma

Nowadays, rent and sale of property has surely become a test of times. With the prices rising steeply, an average person with a below average monthly income cannot even dream of purchasing property. One in the higher income bracket can perhaps search for better property deals. There are also other options that can be investigated such as leasing and loan schemes.
One who has a restricted budget and savings is most likely to search for an affordable accommodation. One would look for a place that would be easily attainable with the amount in hand. That would be certain determinants like the area of residence – residential or commercial. In a commercial area, the rents are lower but one will have to compromise in the factors of congestion and cleanliness. On the other hand, if one searches in the residential part of the city the rents are steeper and even the covered area smaller but there are advantages of a peaceful atmosphere and safer environment. So, it’s really about what ones pocket can afford and priorities.
One can also lease the property from the banks and pay monthly installments. This is usually done in business operations which rent out piece of land on lease for a certain number of years. Even individuals can do this through bank loan schemes in which the bank purchases a house and leases it to the client who then has to return the amount over a given period. However, one still has to conjure some amount as down payment.

The option of purchase is there too if one has sufficient finances to do so. That would perhaps be the best way forward. This would provide surety of the property in ones permanent possession. One should meet and survey all the options available before deciding on any. This could be executed through real estate consultants, bank schemes and even networking. This would really be beneficial in viewing the larger picture and making a well informed decision. In short, both rent and purchase have their own aforementioned criteria that need to be met by potential seekers and suitability factors investigated.