Why Renting A House In India Is A Better Idea Than Buying One

For many years, people are arguing on the topic of renting or purchasing a house? Although no valid answer is found till now because, both have their own pros and cons. In the last decade, renting a house is dominating the society due to unbalanced economy of the country. It is rare that people have not heard the stories of buyers who have lost their dollars in a bad investment.

From the last decade, people are moving towards renting houses and experiencing fear to jump into purchase. Let’s see why renting house in India is better option than purchasing:

Apartment on rent is considered as best temporary solution linked to mobility to the renter. Without any mortgage bound or initial expense the tenant is allowed to change the floor as per his needs and choices. Not only this, you are now eligible to enjoy tax benefits while renting house that often save prices according to insurance, resident, and maintenance of floor. You can invest these saved bucks into stock market for a better future.

1. Imagine that house rent and monthly payment of mortgage voucher does not have a significance difference. But in situation of crisis, if you live in rental apartment, you can easily move to a cheaper house without any stress. If it is your own house, moving will be impossible for you.

2. It is easy to negotiate the price with your landlord for a rented apartment.

3. When it comes to purchase a flat, you need to invest bucks in remodelling it for better living, but in case of rental house, serious investment is not needed.

4. One can easily negotiate a lease that won’t include the hidden cost of living in a modern city.

5. If you are paying a mortgage and want to wipe EMI in this time, the debt will automatically go out of heirs. In time of crisis, people abandon the legacy by cost involved in inheritance taxes. All these things do not happen in the rental.

6. If one purchases a new house, it will take years to pay the cost. Thereafter, if we want to sell the same house again, several factors can influence the procedure. First, you have to move to a new house of the same cost. Then, you need to pay capital gain tax. One cannot sell the property because of the cyclical real estate crisis. Renting a house eliminates these stresses automatically.

7. Investment in a house is a relative process. After decades, we should understand how much we have spent on renovations, community, mortgage, spill, home insurance, improvements, IBI and then compare how we would spend on rent. We always price less than renting after decades. And of course, they rented, they have dedicated the remaining amount to other things like travel, children, leisure, and education.

In short, a person who rent a house might seem poorer than those who purchase a house end. But, since, no one can tell about the future, people who have rented a house will have better future and time for training, happiness and improved living conditions.