Buying a House and Renting a House: The Pros & Cons

Many people’s lifelong ambition is to own a home. Most of the time, deciding whether to rent or buy becomes difficult. Renting is the only option for some people because they cannot afford to buy a home in Ghana. For many people, purchasing a home is preferable to renting as long as it fits within their budget. It is important to note, however, that owning a home entails responsibilities. As a result, it becomes a matter of pros and cons.

  • Renting a property is acquiring a property for some time by paying a set monthly or annual fee to the developer or homeowner. Whereas buying a property is permanently acquiring the property.
  • Buying properties in Ghana can be cost-intensive upfront and remotely. Renting a house can also take a huge chunk of your monthly income. However, the difference here is that once you buy a home it is yours for life.
  • Renting allows you the flexibility of changing properties after some time. The homeowner or developer is also in charge of any maintenance. Purchasing a property, on the other hand, does not allow you the adaptability to changing properties. Once you’ve purchased your dream home, the likelihood of securing another property is still up in the air due to variables such as needing a larger space as your family size grows or needing to be in a different environment. Unless you want to buy different properties as investments. You are also in charge of any maintenance once you buy a property.
  • Renting and buying both have advantages and disadvantages, but the decision is ultimately up to you and what you want, as well as your financial situation.  Our properties are tastefully fitted and elegantly decorated both inside and out. We offer flexible payment terms to make it easy for you to own a property in Ghana.

Source: Eden Heights

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