Renting vs Buying – What is better?
Buying a home is an emotional and close to heart decision for anyone. After all, all of the life savings go into buying the dream house. Buying a house is also a big decision because lots of legal, economical and ROI factors need to be considered very minutely to arrive at the final buying decision.
People always find themselves confused about whether to rent a house or purchase it. The confusion is also because most people are not aware of the major points that are to be considered while renting a property or buying one.
Listed below are some pointers which one needs to consider to arrive at a final decision:
Buying a house needs a substantial amount of down payment and then an equated monthly instalment every month which will be between 20-40 thousand depending on the choice of your flat. If you are someone with a stable income and can meet your expenses after paying the EMI every month, then you can tick financial stability into the checklist.
Knowledge of the city
People generally proceed with buying a property in a city if they see themselves settling there in the long run. For someone who has lived in the city for more than 5 years and feels it can become their retirement city, must think of purchasing a property there. But for someone who has just moved to the city and is not certain about settling or is not much aware of the city, buying a property is not recommended.
One needs to plan an investment by considering different angles.
A city with an ample amount of job opportunities is always preferred for settling. So if you are in a city for only a limited amount of time due to a project, and see no opportunity for growth there, you may want to pass on it. Always consider the career angle before buying any property as it is one of the major factors and also a source of income.
If you have a family, you also need to account for the availability of good schools, coachings and colleges for schooling and higher studies. A choice of a smart city for investment purpose is a wise choice as it has ample avenues and in the coming time, it is going to have better options due to rapid development.
It is always better to purchase a property in the city where you plan your future settlements. For one, you will not have to worry about finding tenants and renting them. Also if you have more than one property in the city, taking care of and overseeing your property will be easier.If you are aware that you will move out of the city within five years, renting is recommended.
To sum up, renting a property is recommended if you do not have a stable source of income and do not see a future in the city you are currently living in. Purchase a property keeping in mind the above-listed points.
Indore is one of the fastest-growing smart city and at this point, any investment in the city will fetch high ROI. Indore has ample job and educational opportunities, soothing climatic conditions, good medical facilities and superb connectivity to various other states.
If you are looking to invest in real estate in Indore, investment in the super corridor area is one of the best choices. To know more about the availability and rates, visit DCNPL Hills Vistaa.
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