Most of the people, (especially those who do not belong to leading cities) have to move from their native areas to metropolises in order to find better job options, on the pinnacle of their professional career. Now the next question arises that what will be the residing option for them? Whether they should buy or rent a home?
Most of the experts at HomesPakistan are of the view that sometimes, buying a property can be a better option than renting but the decision depends upon a number of factors. Following article dictates that why renting a home in Lahore or Karachi is better than buying?
Property Prices are Higher
The prices of properties in Karachi are far higher as compared to the properties in several other leading and semi-urban cities of Pakistan. For instance, as per the data released by Homespakistan.com in 2014, the average price of a 1 kanal plot in DHA Karachi is around 25.5 million (Rs2,55,000,00) in comparison to the average price of a 1 kanal plot in DHA Lahore, which is around 13.5 million (Rs1,35,000,00). These are estimated prices for plots in these cities, whereas construction cost is yet to be included in total price of owning a home in one of the leading cities of Pakistan.
On the beginning of professional career, it is not affordable for everyone to invest in plot and constructing a home on it or buy a pre-constructed home in Lahore or Karachi. In such scenario, renting a home or apartment seems to be a suitable option.
No Maintenance Charges Involved
What if you can afford buying a home in Lahore but still experts say that buying is not the right decision for the ones, who have just started their professional career. It is because buying a property comes with several additional and sometimes unexpected costs that buyer cannot avoid in any case. When you calculate maintenance charges, bills, repair or regular upkeep charges, the price of owning a home in Lahore goes way beyond monthly rental amount. Therefore, renting seems to be a better option.
No Property Taxes Involved
When you rent a home in cities like Lahore, Karachi and Islamabad, you are not entailed to bear extra expenses including maintenance charges, repair costs and property tax. Property owner will have to bear all these costs and charges. Therefore, in your rental home, you can freely call a plumber to fix a break instead of doing it yourself. Moreover, you will not have to worry about paying property tax on annual basis, as your property owner will have to bear this expense as well. After evaluating these scenarios, it becomes clear that renting is the best bet for you in the beginning of your professional career.
Renting means Flexibility
Renting gives you more flexibility, with job and salary change. For instance, you have bought a home in Lahore but you have to switch your job and move to Karachi. Now you cannot take your home along. You will either have to leave or sell your home or refuse the job opportunity. Whereas, being a tenant, you can decide to vacate a home with just a notice of a month. Therefore, if you cannot live in a home, it does not make sense to buy it. In this situation, renting seems to be a better option.