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Wednesday, 8 July 2015

Should you Buy or Rent a house? Read what India thinks!




The modern youth of the country is very confident and upright with their decisions. The confidence and the open mindedness is what strives and pushes them to excel and achieve the unachieved and uncover all the hidden potentials of success. They earn and spend accordingly. One of the most important steps in life is to buy a house and live life like a king in it! Therefore, people work hard day and night to make this dream come true. Very often, the money and everything is their but it does not sound right to invest and take a house because of some or other reason. The reason may be personal, professional, or sentimental. People simply do not take houses because they are not sure about their own future. They might move to a different city and settle there. Therefore, people are in the dilemma of either to buy a house or to rent a house. Of course, no one can answer this question but your own self! There are several factors, which one should consider while making this decision. Some of the factors are.

  1. Budget: - first things first, one should check how much budget and money he or she can spend at that point of time. If the budget is low, then definitely rent is a better option! However, if there is no question of money and it is purely on convenience and logic, then buying is definitely a better option. The process of renting would also demand an initial high security deposit, which can be as high as 200000 and the rent would be additional expense, which would start from 25 thousand for a minimal one-bedroom hall kitchen house, and it could go up to any limit!
  2. Purpose: - one should also keep in mind the purpose of living in the city. If a person is for short time and is on the go to several cities then opting for a lease house in Chennai is the best option for him or her. If he or she is planning to settle in that city with the family than buying is undoubtedly the best option and one need not think twice about this decision. One should also consider as to what is the purpose of buying or renting. If its primary residential purpose, then renting can also do the honor but if its investment or plans, then buying comes to the rescue.
  3. Plans: - another important factor is the plans for the property and for himself or herself. If he or she is looking for some investment and at the same time for residing, then the buying of a property is a very good option. It is very important to have a foresight of future and make plans according to that! The plans are what would make the deal efficient and useful. Unplanned and undecided ventures can prove useless and waste.
  4. Development rate in the city or the area: - one should also consider the development rate and improvement rate in the city. A city like Mumbai would have no scope of further development in certain areas and some cities like Gurgaon and NCR would have umpteen scope of growth and development!

Thus, the above are the factors, which a person should consider while deciding either of them and should plan well for a better and a brighter future! Therefore, one should plan wise and allocate time and resources accordingly to have the best of the wealth and the house!
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Item Reviewed: Should you Buy or Rent a house? Read what India thinks! Rating: 5 Reviewed By: Trung Thanh Le