Should I Buy a House or Rent One ?
When it comes to finding accommodation for the long-run, what makes better sense – buying a house or renting one? Well, both come with their set of benefits. Those in favour of renting talk about the flexibility it offers while those who advocate buying a house cite the emotional and financial benefits of owning one.
Owing a home is a common dream that every Indian shares. However, let us be frank. Buying a house is no small expense. Especially with the rapid increase in property prices over the past 2-3 decades. Add to that the recurring cost of maintenance and things can getpricey pretty fast.
But if we keep these factors aside buying a home can have several benefits.
Buying a Home Allows You to Build Wealth for Future
Property prices mostly have an upward trend and in future, your property will be worth more than what you pay for it. And once you pay-off the loan, if any, then you are set for a comfortable and mortagage-free life post-retirement.
Renting is Restrictive
Whether you hate the colours of the wall or want to increase the height of the boundary walls, you can do nothing of this sort in a rented home. A rented house comes with lots of restrictions and you cannot change anything to make your lives comfortable, which you can do with your own home.
Security Can be a Constraint in Rented Apartment
If you have rented a shared space, both security and peace of mind can be compromised. Not only you will have to live with people having a different lifestyle from yours, you might also need to share keys, which can pose a threat to your belongings.
Thankfully, with HDFC ERGO Home Insurance Policy for Tenants, you now have the option to insure the contents of the house.
You can Secure Your Home with Insurance
When you buy a house, you have the option to secure your home financially by opting for suitable home insurance. You can also buy insurance for the contents of the home as well to protect yourself from instances of burglary or theft. While as mentioned above, you can only buy insurance for content in case of rented apartment
You can Stay as Long as You Wish in Your Home
No matter how much you love your rented home, you will have to vacate it at the notice of the owner. Shifting the house and readjusting to a new place is not only expensive but is emotionally draining too. Also, the year-on-year increase in rental rates will surely cause havoc on your savings and financial planning
When you buy a house, you can live there lifelong or for as long as you want. If you are shifting base, you can rent out your house and earn a steady income from it. So it is clearly win-win for you both ways.