Renting Home with Personal Finance

An own house is something every Indian aims for. While some are lucky to inherit it, some have to work hard towards getting it. The hike in real estate is making it difficult to regular income earners to buy a home. Based on the changing market conditions most people are indecisive about buying or renting a house. There are advantages in both the options and most often the finance option would come in handy for both. Here are a few pointers to note for renting a home:

  • Renting a home is definitely cheaper and more affordable than buying a home. When buying a new home most depend on home loans however the home loan wouldn’t cover the entire price of the house. In case a person is not in a position to pay a big sum towards down payment then renting a home would be a better option. When calculating, it is obvious to note that the rent paid towards a home would seem to be expensive however if one is not in a position to bear the expenses immediately then there is no other go.

  • A rented home allows staying in different home settings than when a house is bought. The feel of an own home is great, however. Whenever a new model of a house is noticed there would be an urge to stay in it. Renting a home allows one to be mobile with the home choices and shifting can be done easily. As the finance for shifting from a rented home is provided by the employer this becomes a viable option.

  • When an own house is bought the price of the house would include maintenance charges or the owners would have to pay towards maintenance on a monthly basis. This doesn’t apply in case of a rented property as the rent agreement would only have a sum of rupees for basic maintenance and doesn’t involve any charge towards the property.

  • An own house comes with a lot of responsibility of setting up the home and most importantly adhering to the home loan repayment. Most of the salary would be gone towards loan repayment and as desired some people wouldn’t be able to set up the home to their liking. This is not the case with a rented property. Even when a finance option is chosen for renting a home, the tenure of repayment would be lesser and far easier to manage. The other benefit is that the tenant wouldn’t have to worry about setting up the home.

  • The risk of asset management is less when it is a rented home. In case of an own home the worry about losing the property if the loan amount isn’t repaid is constantly present. There would also be hassles if any damage is caused to the property. This is not the case of a rented home. One doesn’t have to worry about the damages that are caused to the property as it is the responsibility of the owner.

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