There is a big controversy between the thoughts that owning a home or living in a rent; which is a better long-term option? For many people who are staying in rent, it is the best option to stay in rent instead of owning a house because buying a home worth 39.99 or 53.04 Lakhs. On the other hand, people staying in own house argues that there is no such freedom which one can get owning a house of his own and be decorating it in their own way.
What is the present trend?
Present trends determine that people are mostly settling down in rents for the flexibility it offers and to avoid the expense of buying a property.
How will you detect whether to buy a house or living in rent?
If you are in the thought of buying a house, you can definitely understand in the early life while you are building your career. Thus you can start to save for the time initially thought it may be quite difficult to handle the EMI but after that, it will be a routine. Afterall, you will need to pay rent also if you are not owning a house, then what is the problem in handling an EMI?
Which is the best choice?
Though it seems that rentals are flexible and costs you less than owning a house, yet it has been proved that owning a property is always a better choice and if you calculate the overall financial estimations then you can get the value which shows paying rents for a long time will cost you more than owning a flat. Again, when you are paying EMI for a flat, you are sure that you are having a property of your own, but in case of rents, you have no choice rather than to pay for others property and then having no savings. If you own a house, you can further sell them and get a high amount than your purchase amount. You have no such choices in rents and in some rents, landlords ask for a particular period of stay and then he may or may not let you stay in that house and you have to shift in a house of more costly rent. Isn’t it?
When you are willing to take a loan, a home of your own can give a choice to a mortgage which is not applicable to those who stay in rents. Owning a house can give you option for extra earning in the form of letting rent, which cannot be possible in rents. In the long term run, owning a house always proves cheaper than paying rents for months after months. Therefore, owning a house is the best long-term option.
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Godrej Ananda 