News India Live, Digital Desk: Buying Home vs Rent: Buying a house is a big decision of life, which demands considerable thoughts and caution. In today’s growing inflation, people often buy homes by taking home loans, but many people have a question whether it is better to buy a house or stay on rent. The answer to this question depends on your financial status, lifestyle and future plans.
EMI and fares difference
Many people believe that instead of paying fare, it is better to buy their house by filling EMI. But it is also true that EMI can often be three times more than home fares. Therefore, before purchasing the house, make sure that your income can easily bear EMI.
Benefits of staying on rent
Renting home can be a better option in the initial career:
- In the early stages of career, economic pressure is low.
- The house can be easily changed in the event of not liking the place or changing the job.
- Staying on rent also gives a chance to save.
Buying a small house is prudent or not?
Many people initially buy small houses so that they have a permanent place to live in difficult times. They later plan to buy a big house by selling it. However, until the loan is complete, the house remains under the bank. In such a situation, it is necessary that the decision should be taken carefully.
Decide according to the need
Pay attention to your family’s stability and career prospects before buying a house:
- If you have to change the city continuously, it will be more convenient to stay on rent.
- Even after buying a house, you will have to take a rented house when changing the city, which can increase the financial burden.
Do not hurry without plan
If your career and life is not yet completely determined, it would be prudent to stay on rent instead of buying a house immediately. The cost of renting is less than EMI, which will keep your financial condition stable.
Overall, buying a house is a long -term large investment. Therefore, this decision should be taken with great care and correct planning.
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