Owning a home vs living on rent: Which is a better long-term option?

Township Projects in Mumbai | Hiranandani Communities

Owning a home vs living on rent: Which is a better long-term option?
Hiranandani Communities | 13 April,2018

Own House

Feel the comfort and freedom of staying at your own home which cannot be found anywhere else.  The reality is that the surging property prices have led people in the recent past, to opt for renting, rather than buying. Let’s look at some of the advantages of buying a home of your own instead of renting 

  1. Helps build equity
  2. In renting, you are paying off the mortgage and the apartment belongs to someone else. You are creating equity for someone else, instead of yourself.
  3. A sense of stability 
  4. When buying a home, and make it your own, you are creating many childhood memories. The feeling you get with owning a home and watching your family grow is just amazing. You will be able to create a sense of financial security later in life.
  5. Helps in developing community ties
  6. There is a sense of pride in home ownership, which also closely ties you with your community. Owning a home also gives a sense of privacy and provides a nest egg for the future. 

These were some of the primary advantages of owning a home. Now, let’s look at some of the pros and cons of staying on rent.

  1. Renting a property allows more flexibility than owning a home. This is ideal for those who could face changes such as job relocation.
  2. Renting also does not require a long-term commitment from the tenant. Renting a home also has its cons. You are bound by the rules of a lease agreement, which can impact your freedom to use or renovate the property.

Just as owning a home, there are pros and cons of renting a property. Both options have their advantages and disadvantages. So, look at the pros and cons to help you make a well-informed decision. If you are looking to buy residential projects, you can invest in properties developed by renowned real estate developer Hiranandani Communities.