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Whether to buy or rent is a million-dollar question that arises in the mind of every individual at some point. With the number of residential projects in Pune constantly on the rise, customers are always thinking whether they should take the leap and buy a property or just rent at the moment and buy in the future. Both options have their advantages and disadvantages, like buying a home comes with a sense of security while renting spares more expendable money for short time.

We bring you some of the main pros and cons of renting a residential property in Pune so that you can make an informed decision as per your requirement.

Pros

1. Flexibility – Renting a property allows more flexibility as there is no long-term commitment. This is a great option for those who are in a particular city just for a job and aren’t sure if they want to continue living in the same city for an extended period of time.
2. Convenience – If you don’t have the funds to live in a desired residential area at the moment, renting is a great way to stay in a locality where you cannot afford to buy.
3. Zero Stress – As a tenant, you don’t have to worry when you have to vacate the home. You don’t need to find another tenant or find a buyer for the property, which might get stressful for home owners.
4. Insurance – As a tenant, you have to pay less insurance or property tax as these are handled by home owners. You just need to get insurance for the items inside the home.
5. Disposable Money – As renting is cheaper than a home loan EMI in most cases, you will have some additional money left that you can invest elsewhere.

Cons

1. No Security & Stability – One of the biggest drawback of renting a residential property in Pune is missing the sense of security that you can gain with your own home. You don’t have the stability of staying in the place for long-term as once the lease is over, you might have to vacate and finding another home can be a headache.
2. No Investment or Equity –Over the course of time, residential properties in Pune appreciate in value and create wealth for their owners. But for tenants, renting creates absolutely no long term value or wealth.
3. No Freedom – Renters are bound by the lease agreement and in most cases, they cannot make any changes or renovations to the residential properties in Pune. This limits the freedom to live as per your choice and needs.
4. Rental Fluctuations – You don’t have control over the annual rental fluctuations caused by inflation and this may cause you to pay excessive rent many times when renting at residential projects in Pune.
5. No Major Tax Advantages – Tenants miss out on valuable tax exemptions that owners can claim. This can be a monetary loss in the long term for renters.

While the decision of renting or buying is truly dependent on your financial health and your requirements, understanding the pros and cons of both will help you make a profitable decision for long-term benefits.