In his 27 years, Anil has lived out of his suitcase. With his Father’s transferable job, Anil’s family has become accustomed to moving frequently. Now, after five years of his permanent job, at last, he can think of settling. Now he is faced with a serious question – Rent or Buy a House.
What would be your reply?
Here we are bringing out a few points for you to consider.
Advantages of Buying a House:
Advantages of Renting a House:
Buy or Rent has its pros and cons.
Consider these factors to decide –
3 Factors to consider whether to Rent or Buy:
One of the main factors is how often do you change houses? If you have decided to stay at one location for more than five years, it is beneficial to buy a property. Also, this can be a factor to consider for your retirement plan. In the future, if you are planning to settle in your hometown or near your loved ones, opt for investing in real estate.
Are you financially stable to carry out house payments? Does your family have any additional requirements?
Next to consider is your budget. Will you be able to handle the additional EMI? Are you just giving in to peer pressure? It is always advisable to prepare 10% of the total budget of the property as a down payment.
If any of your replies to the above factors are NO, renting the house is better.
Home Loan + Dream Home = Lead to stress
Bottom Line –
Buying a dream home has always been a goal in our Indian Society. However, without proper planning, this dream will be a lifetime burden.
We at Reachmaxx will assist you for your any property concerns. Our experienced consultant team is ready to cater to your every real estate need.
We are just a call away.
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