The ultimate goal of an earning individual is to own a house. In today’s world, however, the focus has shifted to practicality. Investing in property has become a lot easier, but renting property has also become much more accessible. Today, renting vs. buying is a personal choice. Which is better depends heavily on an individual’s needs. To help you decide, we have put together a guide to buying vs. renting a house in India. We hope you find it helpful in determining which is better for you.
Budgeting
As you might expect, buying a house is a costly and lengthy process. You have to find a home that is in a good location for you, within your budget, and with the amenities you need. Then, even with house loans or mortgages, you have to prepare for a down payment and inspection fees. And of course, there are moving costs too. The price can also vary wildly based on the type of house you want to buy. You must also make sure the house loan doesn’t interfere with necessities, such as buying food or paying the bills.
On the other hand, while buying is an investment, renting is much easier. Still, it gives you a lot less freedom in the home. Renting is much cheaper, but if you want to change anything in the house, you will have to ask your landlord for permission.
Flexibility
When considering buying vs. renting a house in India, you have to consider flexibility. A lot of people, unfortunately, have to deal with unstable jobs. Or, even if your job is stable, you might have to move due to a change of office location. Buying a house every time you change jobs, or your job changes location is impossible. Renting a place allows you to keep your options open, as you can quickly move out with as little as a month’s notice. Keeping in mind that experts from easymovekw.com recommend owning as few belongings as possible if you often move, renting is much better than investing in a home if you’re expecting to move a lot. Even if you only intend to move every year or few years, renting is a much better solution than buying.
Location
The exact location of a property is a critical factor to consider when looking at properties. You have to consider the distance from the property to your workplace. If you have children, the distance from the house to their school is also relevant. Finding a place to buy in a perfect location for you and your family can be difficult. This is mainly because houses in convenient locations tend to cost more. However, buying a home in a good place can be seen as an investment. If you ever moved out, you could quickly sell the house to make your money back.
At the same time, renting comes with the benefit of accessibility. It is much easier to find a house in a location convenient for you and your family. But it comes with the risk of rent prices rising, and you will never be able to get the money back.
Asset creation
This next benefit is entirely in favor of buying. When you buy a home, you create an asset that you can invest in. While it isn’t guaranteed this will pay off, it is a pretty good bet. However, there are still many things to consider if you plan to profit from the investment down the line. For example, consider the time value of money and inflation. Also, you will have to think about how much time it will take to pay off the house loan. Finally, you need to keep in mind the price of maintenance you will have to pay to keep the house livable. You could always decide to rent out your home at the end of the day, but do keep in mind property investment tips you should know. Investment can be a risky business, so do your research before investing in a property.
Finding a house
Finding a property that suits your needs can be a bit difficult. As such, we always recommend hiring a real estate agent to help find a good home for you. Real estate agents can help you find both properties to buy and rent. They will also guide you through the entire process of buying a house and make sure you don’t get a bad deal. As long as you know how to look for the qualities that make a successful real estate agent, you can easily find a reliable expert to help you find the perfect property. A good real estate agent will consider your needs and situation and find a property that suits your demands. That said, finding a house to buy or rent can still take some time, even with the help of a realtor. It comes down to your local real estate market.
Buying vs. renting a house in India: which is better – final thoughts
While owning a home is a good goal to have in mind, it is not always the best choice. Whether you should rent a house for yourself or buy one comes down to several factors. These factors vary a lot from person to person, so answering the question of which is better can be pretty complicated. Because of this, only you can decide if a purchase or rent is the better option. We hope you found this guide to buying vs. renting a house in India: which is better helpful, and we wish you luck finding your new home.
