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Buying A Home or Rental Accommodation: What is Best For me?

28 Dec 2019

Everyone wants to have a dream house of their own. Be it a nuclear home in the city of their work or a family property in the hometown, the charm of property has always influenced investment decisions.

Another major factor which pulls people to the concept of owning homes is the feeling of pride on owning a home, which is the most satisfactory reason for one to buy a home of their own. One can take the privilege of decorating their home the way they want and enjoy by giving the family the sense of security and stability. There is also the enjoyable feeling of being closely tied to your community as you get familiar to your neighbours and enjoy the comfort of community living. Needless to mention the benefits of owning a house and enjoying a greater privacy.

While these factors may be the positives of owning a house, in more cases than not, it is the financial constraints that come along with buying property, which creates a barrier to one’s aspirations.

It is also seen that just to own a property in their name, people keep on stretching their finances and spend more than what can be considered healthy for a good property. They stretch hard to turn their dream into a reality and many a times end up in falling into debts which are beyond repair.

In such cases, what needs to be evaluated objectively is whether you really need a house with plush green garden or the one with big bedrooms and a bigger terrace or you can adjust with a house which is more suited for your needs.

It is even considered that in the current scenario of the housing market, renting a house would be a better option for nuclear families or for unmarried individuals. One can rent a home of their choice and can easily avoid higher mortgages and loans and free themselves from the debts. The increasing home prices in the market has often proved renting a house as a cheaper option than buying one.

In this article, let’s discuss which option are most suited for different categories of individuals.

If I Am A Salaried Employee

In case of salaried employees renting a home is much a better option. There are more reasons to it. In case of salaried employees, it is often found that the employees have to relocate from one city to another for the better job opportunities and also due to the effects of Urbanisation. In this scenario, owning a house will add to their liabilities as people will have to make additional investments when they relocate to a different city for the purpose of change in job.

As paying rent is mostly fixed, so the income spent of renting a house can be measurable which is convenient for a salaried employee.  It is always been observed that the rent of a house is always much lesser than the mortgage which is to be paid for home owning.

Home ownership also leads to the longer term of financial commitment and all repair and maintenance has to be taken care while in case of rented house one does not have to take a liability of heavy repairs and maintenance of the house as there is no commitment from the rented person towards the house.

If I Am A Businessman

In case of Businessman, homeowning is always considered to be an investment plan. With the rising prices in the market, it is always beneficial to invest in home where the fast-rising prices will definitely give profit to the homeowner and help in wealth creation.

Another main advantage of owning a house for businessman is the tax benefits as the interests on the property loan also has the benefit of tax deductions.

If I am a Government Employee

In case of government employees, it is always easier and convenient to buy a home for themselves. Government employees get more benefits while they apply for loans and also get benefit of lower interest rates for the loans. Government employees also get reduced prices in the housing societies where the government also provides subsidised prices for the new homes as a gratitude for their services to the country.

Government employees can also apply for an advance of salary for 34 months or 25 lakhs which ever is higher for housebuilding purposes. This also gives a boost to build a house of their own. It has been found that most of the government employees have a habit of community living as they have mostly spend their entire tenure of service in the government barracks and hence would also like to maintain similar type of lifestyle and maintain the community living habits always.

Hence, it has been always beneficial for the government employees to build a house of their own.

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