Answer to the Ultimate Dilemma: Should I Buy or Rent a property?

Sujan Afi S

The story

Not all of us can afford to get what we want and whenever we want. Not all of us are fortunate enough to inherit a huge sum of money from our ancestors. We are living in the 21st century where each one of us tries to be independent. After a certain period of time, we get a job. At times we prefer to have the placement outside our hometown, may be because we want to explore the world around us. But there are individuals who are forced to leave their family and house to join their office which is far away!  

You need a lot of courage to get settled down in a completely new atmosphere. Perhaps, you will need to rent an apartment near our office so that you can reach the office on time, while saving the travel cost. Afterall, you won’t spend the full salary on yourself. Definitely, you would like to send some amount to your family too. In such a situation it can become really difficult for you to buy a house or an apartment. 

On the other hand, you might also think “How many days will I live in a rented apartment?” Definitely, the security that you get in your own house is incomparable to that of a rented apartment’s. Further, buying a house is a life-time investment. 

Well, you need not hesitate anymore! In this article you will get to know both the sides of the coin and take a decision as per your situation.

Why is renting a property a better option?

Consider that you have arrived in the city where you have your placement. You have your spouse or close relative with you. You communicate your decision of renting a 2BHK flat to your family. They, being very traditional, question your decision of renting. Relax! You are not wrong. Let’s see why.

Fist of all, you might not be certain of the time period of your stay in that particular house/flat and even the city. If you are an employee of a private company, there might be transfers from one branch to the other. If you are a government employee then you might want to get a transfer and shift to your hometown itself. In that situation, you would not like to take the decision of buying a house (which is a life-time investment), till the final decision is taken. 

Why would you buy a house if you get the same facilities in a rented house too? You, as a tenant, would get almost all the facilities that a buyer gets while staying in that rented house. For instance, you would likely face least amount of problem regarding water usage, electricity, receiving guests, etc. 

One more friendly suggestion would be that you should try to buy a house only when you have a sufficient money to make down payments. Till then it would be better if you stay in a rented apartment. If you are a bachelor, you can even share your apartment with your close friends or colleagues. It would definitely help check the expenses and help save more for future targets. If you rent a house, you would only require to submit a certain amount of fixed deposit (for security). This deposit is usually the rest payable in 1 or 2 months. This amount is usually returned to you when you leave the rented house, provided that you make no or least damage to the property. 

The other side of the coin

The decision of buying a house is an exciting one. If you think that you would go for investing on a property, you would want to have a list of the points that you should consider before buying a house. Roodland India is the right organization to consult with! You can definitely have a look on this before finalising any property.  It is of no doubt that buying a house is a one-time investment. If you rent a house you have to pay a certain amount of money every month to your landlord. You can pay the same amount (or a bit more) per month to the bank as you EMI. Thus, with a little effort you can pour your money in a place that will benefit you in the long run. 

The down payment that you have to make is near about only 20 % of the total amount of the property. Moreover, you can enter into a contingency contract while buying the house. It will not only help you get the desired facilities but also save you from fraudsters. 

One day or the other, you will definitely have your loan fully paid. After that the property is yours. You can then save the same amount of money that you used to pay every month to the bank as your EMI. In this way, you can save a lot of money to have a secured future. However, if you stay in rented apartment, you will have to pay the rent every month. The rent might also increase every 11 months or after the completion of the term as stated in the agreement. 

“I live in a rented apartment.” and “I have a house near the Rose Mary School.” – you can definitely feel the emotional confidence and security while uttering the later of the two sentences.

A house of your own, even if it’s a small one, is a possession to cherish. You will have a security and certainty that you will never have while living in a rented apartment. 

Now a days we have so many acts (RERA) and schemes (PMAY, etc.) for protecting the interests of the home buyers. You can definitely take the advantage of the acts and schemes of the governments while buying a property.

Conclusion

I hope I have been able to make you understand the advantages of buying and renting a property. If you are new in the city, it is always a better option to first stay in a rented house, understand the city and its people, empathise with them, feel their problems, and then go for being a permanent resident of the city. It is up to you. Try to understand your priorities and requirements. Take a decision after that. However, it is always good to consult with a Real Estate expert before taking any such decision. Hey, not to be worried anymore because Roodland India is always beside you to guide you in the right path. So, don’t hesitate to drop a mail at info@roodland.com. Our expert team is there 24/7 to help you in every possible way. Trust me, you are not going to regret after consulting the experts of Roodland. We value your individuality, your dreams, and your expectations. Whether it’s renting or buying, we understand your needs and we come up with the best possible solution for you. 

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