Which option should you choose, buying a house or stay in a rented house?
Keywords: Shobha city apartment, luxury housing in Gurgaon, list of luxury apartments in Gurgaon, Shobha City Apartments, TATA Housing Gurgaon Sector 112, Joyville Sector 102 Gurgaon
Buying a house isn’t a child’s play; it has to be a well-thought-out decision. Though everyone has dreamt of buying their own house, when we talk about finding a house, we have to measure various pros and cons. The factors that often influence the decision making of buying a house are:
- Distance: With increasing traffic on roads, everyone prefers to stay in the vicinity of their offices, and other important places like schools, hospitals, markets, railway stations, etc.
- Quality: One aspect that is undeniably quintessential for the youth today is the quality of lifestyle. Serene environs, with an amiable neighborhood, shares the prime space with the factors.
- Availability: The ease with which the basic necessities of life are available, also impacts the decision for a family to buy a house. Closeness to the nearest market, park, and other areas of importance are crucial factors for making the purchase.
But in today’s world where one can easily find a residential space, it is difficult to decide a place where to live in. When it comes to shifting your house the only thing that comes in your mind is whether to buy a house or rent a house?
There are many people who say that staying in a rental house costs less, as compared to owning a home whereas there are other peoples who say that owning a house gives you freedom. Both options have their pros and cons, and it is not fair to compare them. While owning a home is the dream of many, sky-rocketing property prices in the recent past have led people to opt for renting, rather than buying. Therefore it is always advisable to look for the option that best suits your budget, and if you are certain about the city in which you are moving and have the necessary funds for the down payments then you should opt for owning a home. Here are a few advantages of buying a home rather than paying rent for a home.
- Buying a home provides you a sense of security and pride in home ownership.
- If you have a home of your own, then you will not face any rental issues such as increased rents every month or year, fear of landlord, or empty threats of emptying the house, etc.
- Buying a house allows you to enjoy the freedom that is not possible in a house where you are paying the rent.
- There will be less interference with others in your life if you live in your own house.
- Buying a house with a loan gives you an idea about the EMI required to be paid over the long term. This makes the future costs predictable and more stable.
- Even if you rent a house, the monthly rental is just draining your resources, instead of investing that amount as EMIs, helps you to make a space of your
own, and lead a peaceful life.
If you are thinking to buy a house, then you must consider Shobha City apartments as they are one of the leading luxury housing providers in Gurgaon that offer world-class facilities to its customers.
Buying or renting a house can affect your lifestyle and the size of savings you accumulate over the years. People take this major decision of buying or renting a house depending on several factors. Some of the factors that can have a big impact on this decision are interest rates, strata fees, rental price, down payment value, house or apartment improvements, and maintenance, selling and buying costs and your marginal tax rate. Some people buy a home as they see owning a home as an investment that can grow and as a source of tax deductions.
There are many real estate companies in Gurgaon that are offering luxury housing services. Here is the list of luxury apartments in Gurgaon:
- Shobha City Apartments
- TATA Housing Gurgaon Sector 112
- Joyville Sector 102 Gurgaon
Making the right choice
- If you intend to live in a particular neighborhood for at least 8-10 years then you should buy a house but if you plan to move to another part of the country you are recommended not to buy a house instead you should stay at a rented place.
- People who do not have a certain source of income and who do not have much savings to buy a house should also avoid this huge liability.
- If you can afford to buy a home, then you must go for it. The combined EMI on all your loans should not exceed 40% of your take-home salary if you are planning to buy a home. You should also have enough savings for the down payment on the house.
- The decision of buying or renting a home is also impacted by the nature of your job. If it requires you travel often, or you’re in a transferrable job, then you should take a calculated decision, depending on the frequency of travel.
Experts suggest that it is not wise to buy when rental yields percentage of the houses are low, and interest rates on home loans are high.
One should consider all the factors mentioned above and the advantages before buying or renting a house. Once you’ve evaluated all the factors you’ll be on your way to making the best decision regarding whether to rent or own your home.
- The biggest myth about renting is that you’re wasting your money every month while it is not so.
- Having your own home brings intangible benefits such as a sense of stability, belonging to a community, and pride of ownership.
- EMIs or monthly rental, you have to spare a portion towards your habitation; depending on your affordability, you need to take that decision.
- Whether buying or renting a place, ensure that all the basic amenities and necessities are available in your vicinity.
Therefore whatever option you choose you should always keep comfort in your mind. There are multiple affordable residential projects which are coming up in Gurgaon, and other nearby areas, making the dream of owning a house come true for many.