Buying vs Renting A Home: Which Is Best For You?

Posted by Hunt Property on March 13th, 2021

Though owning a house is typically the dream of any Indian, increasing the cost of land, especially in metros, has led individuals to prefer rent rather than buy. However, for individuals who can stand to buy a home, the decision between buying and renting is always an intense one. In the Indian background, it is seen that individuals who can afford the cost of buying a house would usually place more weight on purchasing a house since renting is mostly considered a compromise. There are unmistakable pros and cons of both the choices and part of the favorable circumstances as follows:

Advantages of buying a home:

1. It gives a sense of security and pride in buying a home.
2. Rent is a cost that is consistently incurred without any actual resource being made. Despite this, EMI's payment has two advantages; it not only accommodates one month of haven but also expands the relative ownership of the house.
3. With renting you need to move regularly, which involves a tonne of sitting around idly, money, and time, but that's not in a scenario of buying a house. 

Advantages of renting a home:

1. Renting does not overburden us with EMI installments, house costs, and other legal problems that are a crucial part of homeownership.
2. Renting by and large offers a feeling of lower risk. In metro urban areas, you can rent a house worth Rs 50 lakh for only Rs 10,000-15,000 per month. At the same time, if you buy a home at a comparable rate, you need to pay out Rs.30,000 – 40,000 as an EMI compared to a regularly scheduled payment.

The decision between renting and buying is an extreme one. Just a cautious investigation would assist one with arriving at an appropriate solution. The Indian housing market is experiencing a time of droop with every single significant metro and Tier-I urban areas showing delicate quality in property costs.

However, the decision depends on each individual concerning their priorities and circumstances. If you are looking for an investment and have some spare cash, buying a house is the best suggestion for you.

Conclusion:

Choosing between buying a home vs. renting a home may require some research. Either way, it is best suggested to consult a real estate expert like Hunt Property, to assist you with your realty decisions. Contact Hunt Property today (Website: https://www.huntproperty.com/, Phone: +91 9582000508) and make the right decision!