Owning your own home is typically the dream of everyone. In the Indian context, buying your own home comes as a sense of achievement while renting is considered mostly a compromise. According to Magicbricks report, over 50% of the people live in their own houses in India while almost 30% live on rent. So, one must deliberate upon a lot of factors while choosing between the two as it has a massive effect of your mental, financial and emotional well- being.
Let’s lookout for some aspects to consider before making a choice:
Owning a house
The first & foremost, the significant advantage that one receives is the creation of a massive asset of your own. One may end up paying EMI’s by creating a physical asset. Thus, this recurring payment instils the sense of financial discipline and making the future costs more stable & predictable. Also, the value of the house bought increases over time, thus contributing to the overall net worth.
Financial security is another aspect when you purchase a home before retirement. Owning a house gives a feeling of pride and accomplishment. It provides a sense of security as you need not often relocate once the lease agreement ends. You get emotionally connected to your owned house and can spend your hard-earned money on its decoration, interiors etc.
Renting a House
The struggle to find rental accommodation might be painful. You may end up compromising on the locality, views, overcrowded neighbourhood and whatnot. You have to face increasing rentals every year. One can rent closer to schools or work, but the same property may or may not be affordable every time with in’s one budget. There is a likelihood of interference in your life when you live in rented accommodation. Renting let you relocate which comes with a lot of wastage of time and money. In most of the states, the landlord’s tries to restrict the number of years a tenant can live in their house. Hence the pain of moving from one home to another gives no end.
Taking the Right Decision
Owning a home or renting a one comes with their implications. One should do a careful analysis before reaching to a conclusion. It’s the right choice for those who are chasing a life goal to own a house as the home- loan interest rates allows for considerable savings while creating an asset for yourself. The aftermath of Covid-19 pandemic has also established the fact that owning an apartment is a better choice than renting one. It’s a better way of dealing with the uncertainties that life throws upon us. Real estate investment is a more reliable option as it offers steady returns than the volatile stock markets that come with increased risks. The affordable housing policy of the government also fueling the dreams of lower-income households of owning their ‘dream home’.
Just if you made up your mind to book your own home, you could do so in 0% booking amount with Charms Castle- a premium residential society by Charms India in sub-urbs of Raj Nagar Extension, Ghaziabad. Incorporated in 1996, Charms India Pvt. Ltd. derives the reward in Customer Satisfaction. For more than 20 years of operation, the developer work on the motto to increase the standard of living of the people by providing their dream home in reasonable prices.
Equipped with multiple facilities like Clubhouse, Swimming Pool, Badminton Court, along with acres of greenery, makes a go-getter destination to settle in with your family.