Buy your own house or rent one? – Here’s what can help you decide

Intangible benefits

When considering buying a home of your own, you may wonder if it has any real or tangible benefits. Renting a house may seem cheaper.  However, consider this - a rented house is not your property and you will eventually have to move out. By living in a rented house, you could be sinking your hard- earned money into nothing! Rent is a sunk cost.

Buying a home, on the other hand, comes with a priceless though intangible gift - mental satisfaction and lifestyle freedom. You do not have to worry about taking care of someone else’s property. You have the freedom to live as it suits you best and make your home as comfortable as you wish.  

Imagine, you can design the house the way you like to, add furniture that suits your aesthetics, color the walls to your mood, drill and modify the walls to ensure the safety for your family. Are not say the down payment and EMI worth this peace and freedom?

Need for flexibility

The third inhibiting factor when buying a house, is the dynamics of our work lives today. For most of us, change is a constant in our work lives with transfers to new locations for short or long periods of time. We also travel a great deal on work or vacation and owning a house may seem a wasteful investment. We may feel that we are blocking our saving in an asset with little returns.  

However, look at it this way – a home of your own is a guaranteed place to come back to and settle in whenever you feel like it. When everything else in your life is subject to change, the home will be your secure harbour where your children grow undisturbed and you can return to in peace.

Government laws and identity hassles

The final factor that can make you hesitate to buy a house is the citizenship laws of the Government of India. These laws give you eligibility to buy a house in a town or city only if you have stayed there for at least 6 months. This means that you will need to update your temporary address on all important documents such as your Aadhar Card, Passport and Ration Card. While this is tiresome, it is worth it so that you have a clear and legitimate identity to buy and own a home of your own at any time.   

In conclusion, we can say that a home of your own is a priceless asset that gives you safety, security, mental peace and long-term returns. As a house owner, you can rent it out to a paying guest for extra income or, in dire need, even mortgage your house.

Modispaces helps you realize this dream of buying a home. They focus on excellence, quality and self-financing to offer you the best of services. They also bring refreshingly new, environmentally conscious design perspectives. This combination makes them one of the best real estate service providers in the country.