The question almost every late 20 to early 30 year old ask themselves. There have been many debates stating that renting a house will be more beneficial and there have been arguments where renting might burn a hole in your pocket rather than investing in a house.
Lets list out a few points regarding renting and purchasing:
- You’re not limited to live in a certain area and can change as per your convenience
- For a working professional, seems like a better option than to go through the hassle of purchasing and then furnishing the house
- Cheaper investment on a short and long term
- Some place you can call home
- Security, accomplishment and an investment
- Not burdened by the increasing rates of rentals
- Owning a house could also generate additional income, in the form of rentals or from paying guests
Here are a few things to consider while purchasing your house:
- Reason of purchase: Ask yourself if you are purchasing the house as an investment or as a home you wish to live in. Landlords make a lot of income by renting out their home spaces.
- Location, location, location: Location is everything when you wish to purchase a house. You need to choose one which will cater to your needs and also still be a great place to live in the longer run. It would be ideal if your house is closer to your place of work and also live in a peaceful area.
- Current rates in different areas: Dip your foot in the water and try to understand how the rates of properties vary based on the area and requirement. If you’re lucky or have broken the code, you can find a property which is in a growing area for a much cheaper rate.
Which is the better option?
This is the main question people keep asking themselves and shed their own two cents when asked about it. This decision should be taken based on a lot of research and thought.
You may have many reasons to choose rent or purchasing over the other. Purchasing a home is always seen as an “achievement” by society, but the new generation of people and recent trends have shown that people are willing to sacrifice this sense of pride.
Hence the real answer lies to the people themselves, but since real estate in India been fluctuating and over priced, you would find it useful to compare the two at length.