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Buying Vs Renting a House in Mumbai

By Finserv MARKETS - May 2,2019
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To buy or not to buy – that is the question when it comes to finding a roof over your head in an expensive city like Mumbai. Property rates in Mumbai have soared multiple folds over the last couple of decades. Owning a house has become quite equivalent to making a trip to the moon, and by no means is that any sort of exaggeration.

The decision-making battle Mumbaikars face when it comes to accommodation is should they buy a house or live on rent. In Indian culture, buying a house is considered a major asset for more than one reason. Where arrange marriage is still a widespread concept, families look at each other’s properties before agreeing to marriage. Let’s just say, having a house of your own has been quite sanctimonious. If only doing that was as easy as it used to be.

While staying on rent has its own set of disadvantages, it also comes with several benefits that one can’t find by owning a house. Living as a tenant gives you the flexibility to shift anytime. Consider a couple of scenarios when you have to change your job, or your child has to change schools. It becomes convenient to select a house in the vicinity of these bases; something one wouldn’t be able to do with an owned house.

Additionally, you can stay in premium properties without paying the exorbitant price that may possibly run into crores. If you were to buy such a property, a number of factors will need to be accounted for; down payment, a home loan and its repayment, cost of parking, to name a few. These come nowhere in the picture if you decide to stay on rent.

Having said that, an owned house in Mumbai is as good as gold. Let’s take a look at one major objective that could be taken into consideration when opting to buy a house. Owning a house can also serve as a long-term investment. Appreciating property rates, depending on the area you choose, will in-turn help your investment grow in terms of value. In Mumbai, some people buy property and put it up on rent, while staying on rent elsewhere. More importantly, you won’t face the hassle of address verifications if you stay in your own house.

In the end, what truly matters is a thorough assessment of what you truly need. In Mumbai, gone are the days when a fat pay check would allow you to buy a house with a bearable amount getting debited every month as the EMI. Financial planning has gained awareness over the last few years, and can help one decide whether it’s the right time to buy a house or stay in a rented one. If one were to look at investment, the planning must account for a comparison of other options and the possible returns one could get with the property.

In the end, it’s all about having a roof over your head – one way or another.

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