The road to 2022 had many bumps and thorns along the way, following the COVID-19 pandemic which affected people of all levels in the world. This in turn resulted in a price hike in real estate, in the past two years, which raised the question of which is the better option for renting and buying in 2022.
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Francesca Tosolini,CC0
Are Your Finances Set?
Before exploring the options of apartments for sale in Gampaha, Colombo, Kurunegala or Homagama by well known real estate developers like Prime Residencies, ensure that your finances are set. Diving into a decision of renting or purchasing a property requires long term financial stability. For the potential buyer, investing the readily available finance on rent or purchase depends solely on the quality of the project that captures your eye.
Buying
At the macro level, the most advisable choice to make is to purchase the property that got a hold of your heart. Considering the recent developments in the country and its economy, real estate prices are only likely to move uphill. However, before settling on your final decision, ensure that a considerable number of properties had been analysed before shortlisting the top pick.
Renting
Renting can always be an option, regardless of whether buying is the wise choice for 2022. Not all families or individuals will be able to afford to buy a property. Therefore, it is likely that many would shift towards the idea of renting a new home to settle down.
Down Payment
Down payment is a crucial factor that will affect both buying or renting a property. If you carry a solid down payment amount and can pay a higher percentage, do it by all means so the hassle of a long term loan repayment can be avoided. All in all, if you possess readily available finances large enough for a purchase, buying rather than renting will be the best choice for days to come.