People are confused about taking a decision, whether to buy a home or opt for a rented one. But the recent developments in the real estate sector have shown that, it is better to own a home rather than renting it. This scenario is being practiced as a trend in many countries including India.
If we observe it, since the year 1975 there has been appreciation in rate of property by an average of 4.5% per year. Buying a home is indeed a good investment, especially because of our Governments move towards attracting more foreign investments into India. Moreover RBI has cut the repo rates by 50 %, which in turn makes it a golden opportunity for a real estate buyer.
If you are unable to take the decision on whether to buy a home or go for a rented one, it is better you go for a calculation. Calculate the net costs for both and come to a conclusion that suits you the most. For instance, net cost includes the total amount a buyer need to spend over a time, minus the net amount which one may receive when he or she sells the property over a period of time.
Rising prices, tight credit situation these show that people who own a home are going to have a lot of money in their kitty while the one’s opting to rent a home are going to be in a bout of breaking their hankies due to rising rents. It is better suggestible to own an affordable home rather than looking at homes for rent.