The Great Dilemma: Should You Rent Or Buy A House?
21 Sep 2016
The decision of buying or renting a home depends on various aspects such as your budget, priorities, etc. Furthermore, this decision can have a considerable impact on your life. If you are confused between buying or renting a home, we can help you out in your decision.
Here's when you should rent a home:
- You do not have the margin money readily available
- You have been posted in a place for a short duration, you are working in a place where you do not intend to settle down or your job requires you to travel a lot
- You have enough money and have already decided to buy a house, but you're not sure about the locality, then you could rent a house there to experience the stay before making an investment.
- You are not ready to accept the responsibilities that come with owning a home like maintenance, repairs etc.
Here's when you should buy a home:
- You are able to arrange the margin money and are confident about being able to service your home loan
- You have decided on the city where you intend to settle
- You want the right environment for your children, you have a bigger family or you want a place of your own
- You want to avail the various tax benefits that come with owning a home
- You're ready to take the responsibilities of maintaining your own home, repairs, etc.
One of the most important factors to keep in mind before investing in a home is your budget. While renting a home is advisable when you're financially equipped, finding a home that fits your budget is not difficult considering the plethora of options available.
All said and done, sometimes the right time to buy a home is when you come across the right one for you.
We wish you all the best in your quest for a home!