Why Live a Rented House , when you can Buy it?


A very common dilemma faced by a majority of salaried people in India! Compared to rural areas, it is a grave concern in cities due to the unending living expenses. If you are a working professional and are expecting transfers every couple of years, then investing can be a little difficult as you have to consider paying for your house rent also apart from the housing loan EMI since you may not be living there. There’s also the EMI and the interest you have to pay until the time you get the booked apartment or house in a living condition, after which you can give it on rent in the case you are not going to live there.

Many people, particularly in India, are emotionally attached to owning a house. It is a matter of pride and prestige to own a house, no matter how much you earn and how much it costs. Here, in India, people get settled only when they have their own home! It definitely is gratifying, to own a house, in any part of the world. You can always go back there at the end of the day, no matter what happens to your work or career. But is that as rewarding as people think it is? .Here’s an account of the pros and cons of buying a house and living in a rented one.

The Leased Life

The first point to clarify is leasing a home is much cheaper than renting one. Though I use the word interchangeably, I basically aim to mean living in a house which is not owned by you and where you have to pay the rent or lease whichever the case may be. So, living in a rented house comes with its own comforts and difficulties. It’s all in one’s mind, people may say! But we all live to satisfy our mind only, and hence, what it thinks matters a lot too.

Rented House - Leased Life

  Let’s check the main issues faced by those living in a rented house.
  • Keep shifting if the owner wants you to move.
  • There’s nothing ‘yours’ in the house where you are staying. So you have to be extra careful handling the furniture to fixtures. Moreover, if you have your own furniture, you have to fit it in somehow in the different types of houses you get to stay on rent!
  • If it is an apartment, you are only second-hand citizen there! More than often, the tenants are treated ignorantly only in the apartment societies.
  • You have to wait for approval for doing any major repair! Sometimes, you may have to bear the charges too if it is essential to you even though you will benefit from it only so long as you stay there.
  • Rentals have to be renewed and are hiked every year even though the apartment and the facilities remain the same. More than often, the tenants staying in the cities pay almost as much as the housing EMI as the rent and they don’t even own the apartment.
  • You have limited rights in the apartment society you live in since most of the society’s rules benefit the owners only.

The Owned Life

One major aspect of owning an apartment or house is the mental satisfaction and the security it gives to the owner and the family. Nothing in the world would matter, as long as you own a house. But here again, you have to choose between a villa and an apartment, a firsthand house and a second-hand house, whether to take a loan or buy it out of your investments and the list goes on! Owning a house or apartment definitely comes with some advantages.

Owned House - Owned Life

  So let’s see some of the advantages associated with owning a house:
  • It is truly gratifying to own a house. An own house means more freedom, and better security for most of the people.
  • It improves your status in the society.
  • You get tax benefit on the housing loan.
  • If you are staying in your own house, you can invest the monthly rental as your EMI and you will have the house all yours within a matter of some years.
  • You can remodel, renovate and refurnish it anytime in any way you want.
  • As an owner, you will benefit more from the apartment society
  • It is an investment, though not as liquid. You can sell or lease it later when you are in need of money


If you can afford a house, consider its value, the amount of interest you will be paying over the 20 years and also what kind of tax benefit you get out of it and the alternatives you have, before making the buying decision. Many times, we tend to heed to the emotional instincts rather than the practical ones and end up investing in a house which burns a hole in our pocket. If you have enough liquid savings, can afford the EMIs and are emotionally attached to owning a house just go ahead to buy one. Last but not the least one more point I want to put forth is that, if you are spending the same amount which you give as rent on EMI, then after some years you will be an owner of your dream home. All the money you pay as rent will be futile as the years pass by. There’s nothing more satisfying than being able to sleep in your own house no matter how small it is!

So, If you are looking to buy a new apartment or flat then check out Victoria realtors offering at Palakkad


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