Renting or Buying a new house is a debate that every potential home buyer is facing these days. While buying a house promises the security of ownership, renting a house, according to popular opinion allows you to be mobile and worry-free, without burning a hole in your pocket.
We tried to decode the puzzle for you. Research and more research have given us a clear winner, find out, what the popular opinion is –
Case Study 1
Sonia Joshi, 32, Software Developer
When Sonia was looking for a permanent home in Ranchi, the one central confusion was whether she should buy a home, or just move into a rented house. She based on her research found out that since the rentals in the location of her choice, Tupudana were very high in prime properties. Being a single woman living with her parents, security, the safety of her parents, and health care options around were a few of her major concerns. The moment of realization for her, as Sonia quotes were, “I realized that since the rents are already too high, why not add some more amount to it and instead convert it to EMIs? I mean, there will be a permanent property in my name, and yes, for some time, I would save a little less, but the pride of owning a new home, all on my own, is so much better than just renting a house and keep moving every 2-3 years.”
Case Study 2
Mithun Sharma, 28, HR executive
Mithun who hails from Lucknow moved to Ranchi 5 years back for work. He says, “Initially the prospect of changing houses, seeing new places, new properties, meeting new people was very pleasing, but trust me it gets tiresome”. It is observed that youngsters like Mithun prefer rented accommodations, but the trend is changing fast. With a high disposable income, most professionals these days would also like to enjoy the independence and security that one’s own home would offer. He elaborates. “No landlord would entertain you for longer durations, plus the rent also keeps increasing every year. And what about the time when you start thinking of marriage, raising a family, getting your parents to live with you? It is definitely buying a home in a good project that is the most beneficial. I am currently in the process of applying for a home loan. I am thinking of some good real estate projects, there are many in consideration but Ekta Contech tops the list as of now. Closer to work, top-notch security, greenery all around, I think this may have been the best decision that I have taken.” he signs off.
The Bottom Line
You can evaluate your spending capacity and decide on what suits you better either renting or buying.
It is true that while buying a new home, you would have to give up your savings to pay the down payment. But, you can get some benefits while paying for the monthly EMIs as a discount on taxes which naturally adds to your savings.
Owning a home involves a big financial commitment. With careful planning and proper research, it has become relatively easy these days. It guarantees a worry-free future. One of the best long-run decisions you can take is buying a luxury home in Ranchi – the most liveable city in India.