Settling down in India is an excellent choice for many ex-pats from around the world. The country offers good work and living conditions, low living costs, and a richness of culture, colors, smells. This is why the place is considered exotic by many foreigners who choose to spend some years here and develop their careers. However, the moving process can be tricky no matter where you go. You need to organize the move, find your home, and prepare mentally for this change. Choosing the best housing option seem to be the biggest challenge, especially if you haven’t lived in India before. The main challenge is to decide whether you should rent or buy a place here. Both scenarios have pros and cons, and this guide will help you choose what works best for you. Here’s everything to know about renting vs. buying in India.
Renting a home in India
Let’s begin with the most common scenario among the ex-pats – renting a home in India. Firstly, we’ll share some of the advantages of renting a place to live. In general, rents are pretty inexpensive here, especially compared to some American cities. The average rent is about 85% lower than in the USA – for example, the most expensive apartments cost about $600 per month. Therefore, this option is relatively cost-effective. Renting a place also sets you free from taxes and other fees. Furthermore, there’s no feeling of responsibility and long-term commitment to one place. It can be beneficial for those who like to explore, change their environment, and travel.
On the other hand, renting a house is not as financially rewarding in the long run. Unless you’re smart enough and invest some money in a well-managed equity mutual fund, you can’t expect to get appreciated value after a certain period.
Buying a home in India
The other option for settling down in India is buying a house or apartment. It is a long-term commitment that can satisfy those who enjoy stability in life. Homeownership also provides a sense of safety and belonging to the place. It is a kind of sanctuary for your family. Furthermore, you can save time, money, and energy spent on moving frequently. You also don’t have to fear sudden eviction, which significantly reduces the levels of stress.
On the other hand, moving into your own home will initially cost you more. The moving costs come with the down payment, maintenance fees, taxes, along with the long-term commitment to a mortgage payment. Furthermore, these financial obligations limit the finances you spend on your lifestyle, shaping it in a way. However, this is a long-term investment in your own property, so it’s not about losing the money.
How to choose – renting vs. buying in India?
Making this decision is not that tough if you know your budget and living situation. We advise you rent first for a while until you get to know your city, see if you like it, and find a home you want to buy. It will give you enough time to make the right decision and choose the most suitable neighborhood. Make sure you consider all the factors before making the final decision – your long-term plans on staying in India, your budget, financial stability, your job, etc. Make all the necessary calculations and see what works best for you, as deciding between renting vs. buying in India is quite individual.
Moving to India – prepare for the process
Finding a home in India is not the only step of the moving process. Firstly, you need to find out what to expect from life here. Ex-pats in India should know that staying here includes:
Reasonable cost of living – you can earn great money and don’t spend a lot on housing and other living expenses;
Rich and various cultures, diversity and friendliness – you won’t feel strange, even if you’re a foreigner.
Inexpensive, tasty, and healthy food – India’s people enjoy good food and use a vast array of spices to make it even better;
Pollution can be a problem – India is not one of the cleanest countries in the world, and pollution seems to be a common problem for its residents.
It takes time to adjust to the climate – depending on where you’re coming from, it can take a while to adapt to the tropical climate of India. The country is enormous, so there are many differences between regions, but you can expect wet tropical days in most areas.
Organize the move
International moves are probably the most challenging type of relocation. The reason is that it’s the most expensive, and anything you didn’t do well or forgot to do is difficult to make right after you travel such a long distance. However, this shouldn’t scare you; it’s easy to have the simplest possible transfer with zero stress if you plan everything right and hire reliable movers.
The key is to start early and write your tasks down. There’s a lot to do, so be sure to keep track of your moving progress well. It will help you keep everything under control and don’t forget a thing.
Get professional help for a smooth move. Research companies that offer international moving services. Choose the most reliable option and let someone experienced help you out.
Pack smart. The less you bring, the simpler your move will be. That’s why you should do the most critical pre-packing step – decluttering. Get rid of everything you don’t need and have a strategy for packing your household. Sell or give away things you can easily repurchase in India –it can cost you less than paying for the moving fees.
Take care of yourself. There’s no point in worrying about renting vs. buying in India if you don’t look after yourself. There is a lot to think of and do until you arrive in India. This can be both physically and mentally challenging, so be sure to take care of yourself to avoid being overwhelmed even before the moving day. Eat and sleep well to ensure you’ve got the energy to make this move unforgettable!