Today we are running behind success. From morning to evening we all live a stressful life. We only have a hope of our house where we can spend some quality time with our family. We want a peaceful environment, a home where you can sleep peacefully without any worries. Imagine if you don’t have a roof on your head what will you do? Shocked! I hope you have understood what a house means to you and your family. Buying a house is not a cup of tea; everyone cannot afford it.
Buying a house brings a great sense of responsibility. It is a dream of every person since childhood to have a house in Mumbai – a city of dreams. However, property rates in Mumbai are increasing day by day. A middle-class people cannot even think to buy a house. If a person buys a house from a loan than whole life he must be repaying that loan. It’s better to rent a house in Mumbai or any other metropolitan cities. We all have a question in our mind.
Is renting better than buying?
What should one choose?
Renting a house or buying a house?
Let us discuss what should we choose renting or buying.
Buying a house brings a lot of responsibilities; you have to think about your source of income, mortgage rates, and your credit goodwill. You have to think twice before investing your whole savings. It’s a big headache to invest your money in a reliable house. Before buying a house, you have to make a big bucket list. You have to decide your budget, find an honest owner, check the locality.
Make sure you properly examine the property papers, check the possessions date and so many things. Then finally you can move to your new house. Whereas in renting, what you have to do is search:- houses for rent near me. Find your suitable locality, meet the landlord, pay the amount. And quickly you can shift to your new house.
Another reason why I prefer renting over buying is that you don’t have to worry about property tax, repair, and maintenance like repairing pipes and cleanness. It’s a headache of the landlord to pay the bills and maintenance cost. If any appliances on your roof stop working, it’s a responsibility of the landlord to meet up the cost and fixed it. Whereas if you a homeowner all the responsibilities of repair, maintenance, and renovation costs are on your head.
Suppose a big job opportunity strikes to you and you have to move from one city to another city. A big question arises, what will happen to your dream house? Who will take care of your house? You have to stress yourself how you have to lease your house or how you have to sell your house? But if you live in a rented house, it would be so easy to move from one place to another. Migration is easily possible.
As of today mortgage rates, property rates fluctuate a house owner has to worry about their budget. Whereas if you are renting you don’t have to worry about all this stuff. Rent amounts are fixed for the lease agreement. The landlord can only raise the rent with a notice. You can budget efficiently, the number of rent you are required to pay.
If you don’t have a steady income or stable career or a backup plan, you don’t have to worry about mortgage rates you can easily have a rental house. You have an opportunity to invest the amount of money that you would have used as a down payment.
House ownership seems like a dream come true in the case of privacy but renting can be sweeter too. Wouldn’t be great to have a beautiful garden in your backyard or a Jacuzzi to relax after a long hectic day or a pool to enjoy on weekends? A gym in your basement or a badminton court? If you are a house owner, you have to pay some extra cash for all these facilities. Some rental apartments offer these facilities and if you are renting you can easily avail all these facilities.
One more thing about buying a house is paying and maintaining tax records. Knowing how long to keep tax records is an important factor in deciding the to buy or rent.
It would be so early to say where you want to settle down. Don’t you think it would be a wiser decision to invest after some years than investing now in small apartments? This is the time to enjoy your life, travel around the world, do silly things, make mistakes and learn from your mistakes.
You can’t do all these things if you have a heavy load of buying a house on your head. Suppose you have a dream to live near the beach you can rent a house in Mumbai. Easily you can enjoy your life to the fullest instead buy a home in a crowded and noisy place.
You get once a life, make a wiser decision. Ask yourself what is suitable for you buying or renting. It’s your life to choose the best for you. And don’t forget your happiness while making a decision.
For any queries or suggestions comment below! We’ll be happy to assist you.