Times are changing and along with it, lifestyles too. While earlier it was considered the natural next step to buy a home once you get into a stable job, today, the thought processes are a little different. While most Indians dream of owning a dream home of their own one day, they are forced to put off this ambition due to the sky-high property prices in the major cities. Renting is the only other option left to such people, but is it really what they want?
When choosing between buying and renting a home, you will need to do the maths carefully to reach an answer, and it wouldn’t do much harm to throw in a little emotion into it too. In certain scenarios, renting might seem like a good option, but then, nothing beats the joy, pride and sense of security of being a homeowner too! To solve the dilemma for those stuck in a quandary over home buying versus a rental, here’s a look at the advantages and disadvantages of both options:
Truth be told, everyone aspires to own that perfect dream home one day. Here are some reasons why you should follow up on that dream!
A roof, clothing and food make up man’s three basic necessities. Owning one’s own roof creates a sense of security, a ready cushion for old age, come-what-may. It’s also a tangible asset in which you take pride of being a homeowner – a goal everyone aspires for, right from their very first job.
Real estate is considered to be one of the best form of investments as cost of the property only goes up with time. Buying your own home means a tangible asset which’s capital value will only go up, thus building equity. You can also avail of a second income by giving out the property for rent.
For those living in rentals, there is always the fear the landlord won’t renew the lease or hike up the rent. Having to constantly keep moving home can get stressful as well as expensive and keeps you constantly packing and unpacking. A better option is to buy your own home and reduce the cost of moving.
Just like the monthly expense of rent, homeowners have to spend on monthly EMIs. While both are monthly expenses, the plus point here is that you end up owning your home after paying EMIs. Instead of lining the landlord’s pockets by paying rent, invest in your own home!
With rising inflation and expenses going up, most people’s incomes don’t add up to the expenses. And with rent usually being lower than EMI in large metropolitan cities, it becomes a deciding factor for renting over buying.
A home is obviously an immovable asset. For those who enjoy a fast-paced life hopping from one city to another, due to whatever reason, homes can become a burden. In such a situation, your home becomes binding and restricts your growth and lifestyle. So, rentals are better for such people.
There is greater flexibility when living in a rented home. You can choose a location to live in as per your need. If your parents need help, you can rent a home nearby or if you want a home close to your child’s school, find a rental nearby. There is no restriction with rentals as you can live wherever the need arises.
In conclusion, it can be said that while renting a home might appear cheaper and more convenient, do keep in mind that the costs of real estate are only going to go up, so it’s better to invest in a home, rather than line someone else’s pockets.
For those on the lookout for homes, checkout the magnificent ‘Prithvi’ villas by PPD in Trivandrum, coming up in the Akkulam area, just off the NH66. Located strategically along the Kazhakootam-Eanchakkal corridor, the project comprises of 102 units ranging from 4-20 cents in size. They are just a few minutes’ away from Lulu mall, Technopark, the international airport, prestigious schools and multi-specialty hospitals.
Come live life king-sized in premium villas where your every concern has been taken care of!