Owning a home versus living on rent Which is a better long-term option
When it comes to finding a long-term accommodation, we look at what makes better sense – living in a rented house or buying a property – and the factors that one should consider before opting for each When it comes to living on rent versus living in one’s own home, people who advocate the former often argue that a rental home costs less, as compared to owning a home. Those who favour owning a house, cite the freedom that it offers. While owning a home is typically the dream of every Indian, sky-rocketing property prices in the recent past have led people to opt for renting, rather than buying, “However, if one is certain about the city in which one is going to stay in the future and has the necessary funds for the down payment and stable future cash flows, it is highly recommended to own a home. Owning a home forces savings, in the form of home loan EMI payments, which most people would otherwise spend, if they rent a property,” adds Jain. Advantages of home owner...