Renting Vs Buying: The Pros And Cons
Should you rent a home or buy- this is a decision many of us have to make at some point in our lives
. Both choices come with certain pros and cons, let us find out more about them.
There are many people in search of homes in Noida or Delhi or Chennai or Kolkata, who are facing the same decision: to rent or to buy? Well there is no set answer for a generic question because the decision depends on every individuals circumstances and property in question. But there are certain points that hold true for the general concept of buying a home or renting a flat. Here are a few of the same we found worth mentioning:
Why you should buy- the pros of buying a home
* Hard asset investment: Your home will be the biggest equity you would ever make. It is the biggest, most secure and lifelong investment you can make. It will be yours to leverage as you wish in the future. Owning a home is one of the biggest dreams people nurture and with your name on the sale deed, you will have achieved it finally!
* Save tax: When you take up a home loan, you get to save a lot of tax. So buying a home is like dual benefit- you not only own a property, you have to pay lesser tax as well.
* Your own place: Your home will be your very own- you can decorate it as you like- paint it in colors you like and do renovations and modifications you see fit- in other words do anything you like to make your home beautiful and comfortable. No more asking the landlord for permissions for anything.
Why you should not buy- the cons of buying a home
* EMIs can be heavy on budget: Most people have to take home loans to buy homes and this means a big fat chunk of EMI going from your salary to the bank or financer. For instance- if you buy a 2 bedroom flat in the prime sectors of Noida, they will cost around 60 lakhs and if you take a loan of 50 lakhs- your EMI would roughly amount to 50,000 a month. But the same flat can be rented for a mere 15,000 per month. So, if you are completely sure of your job and commitment to keep paying EMIs for the next 30 years, only then take up the loan.
* Maintenance Costs: Remember the time when after the Monsoons, the roof had a leakage and you did not care, well now you cant do that as it is your property and you will have to repair it.
Why you should rent: pros of renting
* Affordable Living: When you rent a home, you just have to pay a safety rent deposit and then you are good to go. There is no EMI you have to pay for the next 20 or 30 years, or a hefty down payment to book the home and the thousands you will have to spend renovating and maintaining the place.
* Work without fear: You dont have to stick to a job just because it pays the EMIs. When you rent, you can do anything you want, in any city as you have endless opportunities to shape your career and relocate.
Why you should not rent: cons of renting
* Lack of independence: You cannot color the walls in your favorite color or move things around.
* Rent hikes: The rent may fluctuate unexpectedly, though it rarely happens.
We hope these few points help you in deciding whether you want to buy or rent a home or a
PG accommodation in Noida or any other accommodation in any other city.
by: Vibha
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