Home Buying is a long-term accommodation, we look at what makes better sense – living in a rented house or buying a property – and the factors that one should consider before opting for each
TS-RERA Licensed Real Estate Agent from Hyderabad, India
When it comes to living on rent versus living in one’s own home, people who advocate the former often argue that a rental home costs less, as compared to owning a home. Those who favour owning a house, cite the freedom that it offers. While owning a home is typically the dream of every Indian, sky-rocketing property prices in the recent past have led people to opt for renting, rather than buying.
However, if one is certain about the city in which one is going to stay in the future and has the necessary funds for the down payment and stable future cash flows, it is highly recommended to own a home. Owning a home forces savings, in the form of home loan EMI payments, which most people would otherwise spend, if they rent a property. Rentals may seem cheaper compared to the EMI in the short run but in the long run, it is far higher than the cost of the house and the rental cost cannot be recovered. Owning a House is a better option.
Advantages of Home Buying over rental accommodations
The main benefits of living in one’s own home, rather than a rented home are:
- A sense of security and pride in home ownership.
- You will not have to face increasing rentals.
- When you buy a house with a loan, you are already aware of the EMI required to be paid over the long term. Hence, the future costs are predictable and more stable.
- There is less likelihood of interference in your life, when you live in your own home.
