Why buying is preferred over renting?
With the current economic problems playing mayhem with the real estate market throughout the nation, there has been a sharp rise in the number of people opting to rent instead of buying. However, in India, people still prefer buying over renting; living in an owned home is considered as a symbol of financial and social stability. Keeping in mind the property buying tradition, Makaan.com asked its users whether they prefer staying on rent and quite expectedly maximum number of people said that their idea of a perfect home is one that is in their name.
Apart from the sentimental value, let us have a fair analysis as to why should a property be bought rather than rented:
Reasons to buy a property:
- Every property market is different; therefore, before reaching a decision be very calculative and compare the total costs of owning versus renting, which includes the rate of appreciation for property.
- People who stay at one place for a long time should always invest in property rather than renting. Paying rent becomes disadvantageous after a few years. Therefore, if your stay is permanent or you stay at a place for more than 5 to 6 years, it is always more beneficial to buy a property.
- If you have money ready for investment, property is the asset that generally offers the maximum returns. You should always invest in a piece of property, however small it may be, when there is some money to spare or one is a comfortable financial situation.
- If you are planning to start a family: get married and have children, owning a house becomes a need. It not only provides a stability and security for the unforeseen expenditures but is also good for children’s educational and social growth.
Buying or renting a house finally depends on your financial condition and how ready you are to take on new responsibilities. Buying a home is one of the most significant financial investments that one ever makes; therefore, it is only advisable to do a proper market research and survey prior to finalizing anything. For more of such poll reports and to cast your vote in a poll, visit MakaanIQ.