8 questions to resolve your rent or buy dilemma
Many people have a major confusion if buying a house is more profitable or renting a place is more beneficial. It solely depends on the duration of your stay in the city and your financial condition. If you are a student and you probably are traveling to another city for education purposes then house for rent in Chennai or flat on rent in Kanpur will be a better option for you as you are not likely to travel to that city after your course is done then there is no point in buying a house there as it is not going to be used after a certain period. But if you wish to utilize that house for some other purposes and you have a strong financial source then buying can be beneficial to you. Similarly a person who is traveling to a city for job purposes is certainly going to stay there for few years. If you are on a permanent job there then buying a house is a good option for you but before your buy a house there don’t forget to rent a place for few years in the starting. This will give you a certain amount of time to look for the right house.
Here are some frequently asked questions that help people to know if renting a house is the right option for them or buying is the correct option:
- What is the duration of your stay in the city? If you are just going there for a few years like 2-3 years then renting a house will be better for you as you have to go to your previous city when your duration with the company is over but if you are going to stay in the city for 5-7 years then buying will be the best option with you.
- What is the purpose of traveling to the city? If you are traveling to the city for job or for education or for a new life then certainly you will have to take the decision as per what suits you the best because to a distant learning student it won’t be easy to manage the EMI’s per month and for a fresh graduate too it will be hard to collect solid money in the starting years of his job. But if you are an already settled person and you are being transferred to Chennai or any city for a permanent job then there is no option with you but to buy a house.
- What type of a job do you have? If you have a job that demands a lot of traveling and you don’t see yourself in any city then there is no point buying a house.
- How many family members do you have? If it’s just you and your wife or parents traveling then you certainly wouldn’t want to buy a house. A rented place would do for you.
- Who all are traveling? If you entire family is traveling with you then house for rent in Chennai is a pleasant option but buying a house is.
- What is your financial condition at the moment? If you are going strong on financial basis then you can consider buying a house.
- Do you see yourself residing in the city even after your job duration or course is over? If you wish to settle in the city then buying is the option for you.
What is your after retirement plan? House for rent in Chennai should be your first resort when you step into the city and then depending upon if you want to settle in the city or not you should take the future steps.