The question of whether to buy or rent a house is a never ending debate and there are no specific conclusions one can make. The decision to buy or rent depends upon numerous factors, it could be financial, lifestyle oriented, current interest rates, policies, frequent relocation, preferences, changing market scenario and so on, the list is endless.
Many of us are of the view that buying is better than renting as its been engraved in our minds since our childhood as it gives you a sense of owning something that makes you feel secured and gives you a feeling of pride. On the other hand, there are some people, especially the Gen Z generation who consider the opposite to be a better choice.
Since the working patterns have changed considerably with too much competition in the job market, the people who want to buy a home are constantly on the move and changing locations. This happens due to various reasons, which could be growth, salary hike, betterment of physical and mental health etc.
Such sections of the population don’t believe in buying a home merely due to societal pressure. They draw conclusions based on detailed analysis and calculations and prefer taking a rational decision over sentimental choices.
Thus, they are comfortable staying on rent on a long-term basis as it allows them to remain flexible and avoid unnecessary burden of home loans, repaying them via equated monthly instalments (EMI) and maintenance costs that might conflict with their personal and professional growth.
Both buying and renting have their own benefits and drawbacks, depending on one’s perspective of looking at them. One can explore, either individually or take a collective option with proper planning and a different approach.
Before becoming a home owner, many people choose to rent a flat, as it can be a smart strategy to get familiar with the neighborhood and the nearby locality. Being a tenant before becoming an owner is a relatively old concept but having a focussed approach to purchase a flat in the similar society or locality is a strategy that helps future homeowners tally the benefits and drawbacks.
The analysis done by a tenant enables taking a balanced decision rather than compromising after having already booked the flat. By experiencing the location place first-hand, one can learn about the environment, the people, the facilities, the view, the commute, and other factors that affect their satisfaction.
Getting a flat in the same locality or building or area, though an achievable task will require meticulous planning, coordination, groundwork like visiting areas, interacting with people, checking legal complications if any and other uncountable factors that are important in our day-to-day life.
One can start the process by identifying and shortlisting the locations. Avoid being adamant on a specific area and explore the entire locality to understand the place better, focus on newly completed projects as the chances to get your desired flat under new construction and redeveloped ones are more compare to older ones.
One can opt for buying the desired flat within a year in the same building or neighbourhood depending upon the vacancy as till that time once can get a fair idea of whether this could be an ideal one or not.
Therefore, renting first and then buying can be a wise strategy for many people who want to make an informed and confident decision about their housing needs. It helps to balance the pros and cons of both options and find the best solution for the situation.
A systematic approach pays off
Explore different localities and identify what suits your family best
Get to know the construction quality and condition of the building
Planning your budget and investments to manage down payment
More time to analyse prices and take the decision when interest rates are favourable
Advantages of buying a home:
Reap multiple benefits that ownership bestows
Design your home as per your needs and comfort
Create a strong investment and asset for the future
Getting a sense of achievement and ultimate satisfaction
