What’s better – to Rent or Buy?

April 19, 2017
What’s better – to Rent or Buy?

With the current construction boom going on in the real estate industry, it becomes a little difficult to decide whether it’s the right time to invest in a new home or to simply go ahead and carry on with the hassle-free process of renting a home. The urge to invest in a new home becomes increasingly tempting and Keralites are more than ever opting for investing in apartments at a comparatively younger age these days; this could be because of greater economic freedom, more customer-friendly loan facilities and of course more lucratively employed people.

All this makes it very confusing when trying to make the very important decision on where to live. However, there are two important factors that you should concentrate on when trying to decide which way to head. The more obvious one would be the financial factor; the second one is a little more complicated and personal as it has to do with your emotional preparedness for this very big commitment. Jumping in with both feet into a major investment like buying a home without really being 100% sure could lead to serious repercussions. So you need to discuss with family and friends, get on the net and research, get your homework right before taking the plunge – whether it’s for or against is purely your own decision and suited to your situation.

Take a stress-free hour or two off with your partner and go through your finances to determine whether you can actually afford to purchase a home. The first determining factor is whether you have enough capital saved up to pay for the down payment on your home; this usually comes down to about 20% of the purchase price. Other miscellaneous expenses like closing costs as well as cost for additional fittings also have to be accounted for. So all in all, you are talking about a tidy sum here!

When you compare these expenses to the cost of paying a security deposit plus an initial rent payment on rented accommodation, the difference in investment becomes glaringly obvious. But don’t let this lead you into taking the easy way out as prices are only going up on all items, whether consumables or homes.

Financial experts suggest that your loan EMI shouldn’t exceed 30% of your gross monthly income as you could run into financial troubles otherwise. Do keep in mind your other monthly expenses, emergency nest egg, maintenance plus rising cost of things. Renting on the other hand is only likely to go up by a nominal value per annum which is easily adjustable to your income. Additionally when renting, you get to have your maintenance done free of cost by your landlord!

Also, buying a home gets you important tax breaks as well as an increase in the value of your investment as costs of homes only appreciate over the years. Buying a home is a great way of making savings as well as getting your own home at the end of the day where you are the boss of your home and don’t have to kowtow to any landlord’s whim!

And remember if you really do want to buy your own home and don’t have the capital, there are always government schemes available to help you have your own home.

RECENT POSTS
ARTECH REALTORS

Punnathur Kotta, Thrissur

Punnathur Kotta – A Unique Elephant Sanctuary in Thrissur

Punnathur Kotta, located in the charming village of Kottapadi near Guruvayur, Kerala, is an iconic elephant sanctuary that draws animal… Continue reading Punnathur Kotta – A Unique Elephant Sanctuary in Thrissur

Read More
Vilangan Hills, Thrissur

Discover Vilangan Hills – Thrissur’s Tranquil Escape

Vilangan Hills, often referred to as the “Oxygen Jar of Thrissur,” offers a serene retreat from the bustling city life.… Continue reading Discover Vilangan Hills – Thrissur’s Tranquil Escape

Read More
Shakthan Thampuran Palace

Shakthan Thampuran Palace – A Glimpse into Kerala’s Regal Past

Shakthan Thampuran Palace, also known as Vadakkekara Palace, is a significant historical monument located in Thrissur, Kerala. Renowned for its… Continue reading Shakthan Thampuran Palace – A Glimpse into Kerala’s Regal Past

Read More

Related Projects

A few of our inspiring projects

Apartments in Trivandrum

Being the state political capital, an educational hub as well as home to Kerala’s largest and rapidly-expanding IT hub, Artech has realized the growth potential of Trivandrum as a prime spot for real estate investment. Artech builders in Trivandrum offer a number of lavish and eye-popping apartment projects located in classy niche areas to inspire you.

More
Information
Apartments in Thrissur

The city built around the base of a 65-acre hillock is steeped in rich cultural and spiritual history. Aside from being known as the cultural hub of Kerala, Thrissur is also known as a major business center. Artech offers Thrissur, one of its finest creations to-date, the Artech Gateway, featuring exclusive lifestyle apartments.

More
Information
Apartments in Kollam

Located on the banks of the scenic Ashtamudi Lake, this ancient city dating back to the biblical times, has a strong commercial reputation. The verdant beauty of this city also attracts many people to set-up homes here. As flats in Kollam are in great demand, Artech Realtors have a number of luxurious projects offering superior homes with amazing blue vistas to its residents.

More
Information
Apartments in Kottayam

Kottayam has always been at the forefront for education and literacy. Aside from this, it’s a peaceful town that thrives on commerce. Artech Realtors have given Kottayam their first taste of high-end luxury living with Artech Rio. The unending views of the surrounding greenery, the meandering river and outstanding amenities makes life in these classy apartments one-of-a-kind.

More
Information
Apartments in Thiruvalla

Thiruvalla, which has earned the moniker the ‘Land of the NRIs’ is situated on the banks of the Pamba and Manimala rivers. With a paucity of suitable homes for the cream of the society, there was a glaring need for luxury flats in Thiruvalla. The blissful Artech Kaazhcha apartments offer an inspiring mix of high-end comfort and luxury.

More
Information

DISCLAIMER

The information provided on this website is meant for general guidance. Though we have taken utmost care on the accuracy of the contents, the customer should make an autonomous assessment of the contents. However, the prospective buyers should rely upon the terms and conditions of the sale and construction agreement between the Builder and the Client.

The visuals of the projects symbolize artistic impression only. The information contained herein including the fittings, finishes, features, floor size and color etc. in the visuals are subject to change. However, the plans & specifications indicated in the Builder and Client agreements are final and we have not authorized anyone to make any oral commitments or promises on our behalf in regard to the plans and specifications of the apartments/projects.

For any clarification please feel free to call +91 9847 600 600 or walk into our offices. Our representatives will always be at your service.