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Renting v Buying A Home

Rising income levels have led to increasing levels of disposable incomes and with that the need for appropriate channels for long term investments. A few decades ago, owning a home was something people thought about in the later stages of life, say post 45 years. However, this has gradually come down and an increasing number of youngsters – starting in the age group of 25 to 30 years are considering buying a home for themselves.

At the same time, there is an increased mobility in the job market; an aspiration for greater freedom and disincline towards settling down at one particular geographic location. This makes for an interest analysis of the question, is buying a home as opposed to renting one really advantageous for the consumer in the present times.
Firstly, the best advantage of buying a home is that it gives you a sense of ownership of a huge asset very early in your life. It grounds you and is a definite sign of success. A home is a place that shapes most of your dreams, aspirations and of course lifestyle. Thus home ownership at an early stage in one’s life is a big plus.

Real Estate investment, if made with sound advice and appropriate location, is an appreciating asset. Which means that those who invest early can take advantage of lower purchasing price and an appreciating value year-on-year. The easy availability of credit, increasing rental prices also make home ownership an attractive investment vehicle.

The factors one must give consideration to while evaluating the question of buying a home versus renting one are given below:
– Your current financial strength
– Stability of your existing income and projected income
– Your current and future expenditure
– The ease of disposability for a property you plan to acquire

Buying a home gives you freedom from monthly rental which often can be equal to the EMI you might be paying.
Although, one must factor in the booking amount, registration, overheads and monthly maintenance charges. Yearly taxes, depreciation and other incidentals must also be taken into account.

Home buying is not an isolated decision and therefore must be taken in context of what your daily needs are, what are the amenities you absolutely need. The location. The price. And of course the consent & happiness of your immediate family.

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