In every part of the world, having a house of your own is one of the biggest dreams that one can dream of. However, the sky-rocketing prices and the process involved in buying one is as difficult as it sounds. But, for people who by God’s grace can actually afford to buy a home, the choice between buying and renting is always a tough one. While, there are advantages and disadvantages in both the options, in the Indian context, buying a house is generally given more respect and weightage than renting a one. Are you still confused if you want to buy it or rent it? Let’s make pros and cons list to help you reach your solution.
Advantages of Buying A House
Not just a matter of pride and maturity, but owning a house gives you a significant amount of security and freedom. Now, you don’t have to worry about your landlord increasing your rent, introducing new house rules, or just keeping an extra eye on your personal business. Having a house of your own means a one-time investment, but on the other hand with rented flats, every month, even before your salary gets credited, you will have to pay a generous amount of money for your rent, electricity and other maintenance charges. According to many market research and conducting ground level interviews with proud home-owners, we have deduced that many people are hell-bent to buy rather than rent, due to the tax deductions that comes along with the E.M.I. Even if the E.M.I gets a little difficult to manage, at least there is something of your own that you will be gaining after months of hard work. Additionally, if it’s your own house, then there’s nothing called curfew times and landlord rules. You can paint your walls in whatever colour you want to without having anything to worry about.
Advantages Of Renting A House
If buying your own house gives you a sense of security and pride, it also leaves you broke. Paying a lump sum amount of E.M.I every month is not a dainty task and comes with a lot of prior planning and the willingness to sacrifice some amount of fun-filled activities on the year you are planning to buy your home. But, if you want to rent a place, all these worries will not give you sleepless nights. It is not every day that we get to buy our dream house, but by paying a much lesser amount of money, you can very well rent that place. This is a genuine problem which is there especially in the metro cities. Everyone wants to get a sea-facing bungalow by the Juhu Beach, but not everyone will have crores of money to invest. But by spending a mere 20-25 thousand every month, you can very easily rent that place. Even though it is absolutely mandatory to pay your rent every month, it is comparatively less expensive than the E.M.I you have to pay if you decide to buy. For people with transferable jobs, it is always better to rent because you will never know for sure if you will stay in one place for a long time. Additionally, renting gives you the opportunity to get a place closer to your school, university, and/or office, which due to budget constraints would not have been possible if you were planning to buy.
To each, their own! If you have enough savings are determined to buy a house, go for it. But, if you are still not there, you will always have the option to rent. It goes without saying that there indeed is a sense of security in having a house of our own, but one must also remember the amount of planning, saving, and research that needs to be done before sealing the final deal. Still not being able to reach a decision? Call us, so that we can help you with our expert suggestions.