Choosing a place which you can proudly call your home is a tough decision to make. And the next bigger challenge that emerges is whether one should buy a house or rent a house. And it becomes really a tough nut to crack because it is multi-layered and may require a deeper analysis and understanding. The first thing that impacts your decision is your purchasing power and budget. The second thing is your preferences and the third thing is the nature of your work. Let’s have a closer and comprehensive look at the pros and cons of renting vs buying a home.

# Pros of Renting a Home.

1. Renting is comparatively cheaper than owning a house.
2. It offers more flexibility and independence as far as frequent shifting and moving is concerned.
3. In renting, you get access to amenities such as gym, pool etc. at quite affordable charges.
4. You don’t require long-term commitments while renting a home.

# Cons of Renting a Home

1. There are no ownership rights when you take a home on rent. Further, there is no scope of rent income or equity earning.
2. Annually the rent increases and one is subjected to strict lease restrictions and terms and conditions.
3. When you take a home on rent there is very less or no scope of customisation or limited construction that you can undertake.
4. While taking a home on rent you are always at the risk of getting evicted, and at times that too without prior notice.

# Pros of Buying a Home.

1. You get ownership rights and can build equity. 
2. You get complete control over the construction, modification and customisation of your house.
3. Being the owner of a home you enjoy certain tax benefits i.e deductions and credits.
4. Buying a Home helps you to avoid unnecessary landlord’s hassle and restrictions.

# Cons of Buying a Home.

1. Buying a home forces you to long- term commitments and at times when moving out you find it hard to sell it quickly.
2. Home ownership comes with regular repair costs and responsibilities.
3. Buying a home can be more expensive than renting a home.
4. Though real estate is highly lucrative and sees appreciation, there are also chances of value depreciation of the property.

Conclusion.

Having discussed the pros and cons of renting vs buying a home in detail, it is important to understand that the ultimate decision that you will take will definitely depend upon your financial situations, lifestyle and priorities. 

And what is more important is that there is no universal suggestion to this. Something that may work for a person might not work for the other or vice versa.