Buying or renting? Comparing the two choices
Each of buying and renting has their own advantages and disadvantages that can affect your life in the long or short term.
Which option is better, renting or buying?
Each of buying and renting has their own advantages and disadvantages that can affect your life in the long or short term. And when it comes to choose between the two options, you should consider many things, which we will discuss in this article.
What are the advantages of renting?
Some people think there is no advantage for renting but there are a number of features that make it a choice including:
Flexibility: if you have a fast moving work life then renting can be more suitable for you as you may change the place you work for more than a time and you may even leave the governorate you are living in. Renting gives you the flexibility of moving without needing to sell and buy you real estate which of course needs time.
Finishing and maintenance: renting a house means you won’t have to spend much to get the finishing and decors you want. You may rent a house with air conditioning, jacuzzi or even a swimming pool in a luxurious place without needing a large investment.
Decreasing expenses: if you can face a change in your monthly income easily due to moving from a work to another then renting appears as a perfect choice for another time as you can easily move to another unit that suits your new budget that may be in another district.
Serenity: renting brings peace of mind with the flexibility of moving easily at anytime you want. You can also easily change your neighbors that are hard to be evaluated before months.
Ignoring taxes: with renting you won’t have to pay a real estate tax as you don’t own the real estate whatever its price is.
What are the advantages of buying real estate?
Buying real estate is the best choice for many people despite the high prices in the recent years. Buying units have some of advantages that don’t exist for renting ones including:
Settlement: one of the biggest reasons behind buying apartments is settling with a family in a fixed place and spending years in without having to move from one to another.
Investment: the always rising real estate market is a great investment opportunity for everyone as you can sell the house later and get extra money.
Freedom: owning a house makes it your personal space where you can do whatever you want. So you can remove a wall and add and make any edits you would like.
Saving money: buying your real estate unit can help you in saving monthly money you pay for renting one. The only money you need to pay is the maintenance from time to time.
What are the needed documents for buying a real estate?
1- Having an elementary contract from the owner.
2- File a lawsuit for signature validity and execution.
3- Having authorization from other owners if they are more than one.
4- Getting an authorization from the owner with the right to sell for yourself or to others.
5- A copy of the ownership contract of the land of the building.
By this, the law will guarantee you own the real estate and the owner will guarantee receiving his payment in the legal way.
We have compared the advantages of each of renting and buying real estate units so you can easily choose what suits you more than the other. Many people think that youth should rent a unit and later own one when they have enough money.
* Please note that all prices mentioned in this article are for the first quarter of 2019 and subject to change, and we in Aqarmap try to update them regularly in our prices guide of districts. Choose between different spaces and styles in the best compounds in Cairo, you would find many payment plans that suit all.