Laying foundations and bricks to form pillars of your own house is one of the most remarkable achievements and top aspiration, any individual has! However, renting a space in your initial days give you the major kick to start your hustle. Here in this article we shall offer you some points which might definitely help you curate your major decision to either buy or rent a house for living!
- RENTING HOMES
While renting is a usual norm for every beginner guy or couple, lost in the hustle of their early career and exposures in life, it may majorly give you benefits.
Firstly, you do have the accessibility of change if norms do not fall your way or you might be still looking for abrupt changes in your work destination.
Secondly, renting a home just requires a minimal security deposit along with your budgetary expense on it (while should fall comfortably within 50% of your 50-30-20 rule along with your other basic essentials). You are not exposed to the hefty loans and down payments causing you stress.
Thirdly, as a renter you are not prone to mend or pay for any maintenance of the house which is done solely by the landlord before handover or after it. Other than that, paying for external maintenance bill can also be adjusted within your menial budget if tied up with the landlord.
Fourth, you can make use of the hefty fee you pay in down payments or loans, by diversifying your portfolio and increasing your wealth tremendously.
- BUYING YOUR OWN HOME
Firstly, you achievement a sense of stability and comfort as buying a security in the form of physical settlement is the most crucial and demanding thing in life.
Secondly, real estate is a major investment for long term security and as a financial aid. It has a very stable market in our Indian economy, considered auspicious due to our culture. There is no chance of loss here in future. You can even rent out your apartment which boosts your income according to the place you live in.
Thirdly, as a home owner you enjoy certain tax savings and your monthly expenditure plans stay fixed as your loans are fixed rather than giving out rent fee which increases periodically.
Concluding
Finally, whether to rent or purchase a house in India is decided by personal circumstances and financial ambitions. Renting provides flexibility and lower initial costs, whereas purchasing provides long-term investment possibilities and emotional fulfilment. Making the right decision requires taking into account individual priorities, monetary stability, and the state of the market.
