Living on Rent or Buying a House – Which is Better for you?
Buying a House is a defining step that demands in-depth thought and planning. A host of factors have to be taken into account before you zero in on the final residential property. At the outset, one of the crucial factors that you have to weigh in is whether you want to buy a home or rent one. For most people, buying a home would seem the obvious choice while opting for renting is more feasible for others. It’s natural for one to believe that buying yourself a home is necessary, without which your life journey is incomplete. Owning property in your name has always been considered one of the things you must tick on your to-do list. As a result, many people feel compelled to stretch beyond their means to acquire a home or make a property investment despite the option of renting.
Factors that Influence Home Buying
Whether you wish to buy a home to reside in or make a property investment, you need to have a thorough understanding of what suits you better. Aspects like the budget, duration of stay at the given location, nature of the job, family, availability of home loans and rate of interest, etc. shape your decision about buying or renting a house.
Budget: Home buying requires the availability of a fair amount of money you can invest when you purchase a property. Those who have the requisite amount in hand would prefer to buy a home instead of renting it.
Duration of stay at the given location: People who have a transferable job or are unsure or undecided about where they’ll settle may find renting a home more feasible.
Nature of Job: Some people may not have job security or have to move to different places regularly for work. That makes buying a house impractical.
Family: If a buyer’s family lives far away from where she/ he works or is yet to decide about living together, renting a home would give them a time frame to figure out their decision.
Availability of home loans and rate of interest: Property investment demands a careful analysis of home finance options and whether one can really take the plunge or not.
Future plans: We do make future plans even though they may not work out as per our expectations. Till the time a person cannot make a decision, temporary dwellings like a house on rent is better.
Buying a House in Current Scenario
Owning a house is a goal that most of us pursue in life. Most people say that if they have to shell out money for buying a home or for renting, why not do that to own a home? Renting property also entails spending a large number of money every month, which doesn’t really come back to us. Besides, owning property is always an advantage as well as a privilege for several reasons such as documentation. However, a number of factors that indicate renting as a more viable option for property investment, cannot be ruled out.
Ideally, one should take the best-suited decision impartially as per the situation. Neither is better than the other in a particular situation. Renting a property is more suitable for some people, who’d go for it even though it doesn’t create any wealth and yield anything for them as such. A lot of thought has to be given to what you decide, so can also take the help of experts who’ll advise and guide you well.
As for it is advisable to focus on staying safe and healthy. Many developers in major cities like Pune are offering great deals and offers which can sweeten your decision of buying a home.