As far as the choice of an accommodation is concerned we look at the option of buying or renting one. When you are away from your city to avail option of a luxury single room for rent in Mumbai might not be a bad idea. Now they are options of buying or renting as you need to evaluate each one of them in details
In terms of the debate with living or renting, People who support the latter feel that renting a home costs low when you compare it to owning a home. For those who own a home it is the sense of freedom that it provides to them. Owning a home might be the desire of many but the sky rocketing prices in the last few years has curved the instinct and people opt for the best single room for rent in Mumbai.
But if you are certain about the city where you plan to reside and has the funds for down payment with a stable income a better suggestion would be to own a home. The cost of rent is covered by an EMI that otherwise you might end up paying.
How home ownerships scores over rental properties
The main benefits of owning a home in comparison to renting one are as follows
- A sense of pride and security in owning a property
- No need to face increasing cost of rental properties
- When you are buying a home with an EMI you might be already aware on the EMI you need to pay for your home. Because of this the future costs are reliable and become more stable
- No chances of any form of interference in your life when you are residing at your own home
How it is possible to decide in renting or purchase your own home
Experts are of the opinion that youngsters should consider the option of buying a house in the early stages of their career. The entire more so if they have a commitment to be staying in a particular city. Though it might seem difficult to manage the EMI initially but with an increase in salary over time EMI becomes manageable. But at the same time the property prices would have gone on to increase manifold
Why owning a home might work out to be a better option rather than renting out
- When you own a house there is a possibility of additional income, in rentals or in the form of paying guests
- As compared to rentals EMI in the long run might work out to be cheaper that the overall cost of the house. Hence the EMI will not be covered
- As a home owner you can mortgage the property, but as a rental owner you cannot mortgage the property
- When you are a tenant you might have to shift out of the home any time if the landlord wishes
So to conclude in the long run it does make sense to own a home rather than rent out one.