Why You Should Rent a Home Instead of Buying In DHA Lahore

Buying property in DHA Lahore can yield big money returns for investors.  There are many options to buy. Land is available for development. Commercial ventures are high and continue to grow. Home ownership is another option many people look into. DHA Lahore has some of the most desired properties on the market. Everyone from high powered military personnel to overseas investors bought homes in DHA Lahore.  However for the potential homeowner there may be more costs involved than just a purchase price. While there are homes geared at lower income individuals, it is not always feasible for those people to buy. So it sometimes becomes a question of whether or not to buy or to rent first.

Before the decision is made to buy there are a few areas to look at if a buyer doesn’t have a large income at their disposal for investing.

Review Property Prices:

Home prices can vary no matter what area you are living in or looking to buy in.  Lahore has a vast range of home available for purchase.  The more desired areas will have higher prices. The homes will be of various sizes and designs as well.  Even locations where homes are yet to be built can come with large price tags. There are costs associated with development that often get mixed into the total costs of some homes. Depending on your income levels or available cash flows, some home purchases may be out of the question.  You need to review all prices (DHA property rates) carefully before you buy anything. Be sure there are no hidden costs that can raise the prices even higher later on.  For those looking to move into certain urban areas and are cashed locked, it may be better to rent a home first until they can afford a home.

Consider Maintenance Charges:

A benefit of renting a home is that maintenance issues are covered by the owner or manager. You do not pay for anything that may potentially break and require repair.  However as a home owner that option is not there.  A homeowner is required to pay for everything that breaks. The costs can add to an already high mortgage note.  Extra costs such as utility bills, repairs, yearly maintenance upkeep and insurance fees can be excessive. So before you own a home, it is best to consider what these extra fees could be.  It is better to estimate these costs first. Then you can factor them into the total of what you would pay overall for a home. 

Property Taxes:

No one likes to pay property taxes. In some areas property taxes can be very high.  A homeowner will have to cover these charges on a yearly or semi yearly basis. This is another financial factor that needs to be considered before buying a home. As a renter you won’t have to worry about this issue as well.  Like maintenance fees, this falls onto the owner or manager of the property.

Flexibility in Renting:

Homeowners usually purchase their homes as long term investments. Some families will go so far as to keep a home in the family and hand it down from one generation to another.  But sometimes life changes such as job changing, increase in family size or a reduction can happen any time.  You may need to move from one place to another. So you either need to sell your home or rent it out if applicable.   This is not an easy process either way.  Depending on the real estate market, selling a home can take a long time.  Meanwhile you may still be liable for taxes and mortgages if it is not paid off fully when you leave.  Renting a home can bring in extra income for you as well as cover mortgage payments. However you would need to look at extra costs such as maintenance and service. You would be responsible for fixing something your tenant needs help with.  If a pipe breaks, then you must fix it.

As a home renter, you don’t need to worry about being stuck with a home you no longer need or paying extra costs.  You simply notify your home owner when you need to leave and then move out.   You are not tied financially to the home.  If you cannot afford the extra costs then it is best to rent first. Younger generations use this reasoning when first moving into a home. Unlike older individuals younger people are prone to move around several times before they settle permanently.