Are you living in a rental home for quite a long time? Perhaps, it has often crossed your mind that you need your own home.
But you might have turned down the idea because you remain bewildered. The reason may be, you cannot come to a definite conclusion whether buying your own home in a Noida real estate project or any other place of your preference will be worthwhile or not.
Let us help you overcome your confusion by making some comparisons. So, scroll down.
If you compare the responsibility of living in your own home with that of owning a property, the pressure will be more towards the rental property.
When you are in a rental home, you have to be responsible for everything. You have to be responsible enough to maintain a specific time for coming to your home after work. You have to remain responsible for the types and numbers of guests you invite in your home.
You have to remain responsible for the guests who come to your home for an overnight stay. You even have to remain responsible for the light scratch that you accidentally make on the wall while hanging the clothesline.
To be precise, your sense of freedom will be at stake when you live in a rental home.
But the situation is entirely different when you live in your own home. You are not answerable to anybody about anything you do as long as your actions or behaviour do not jeopardize the peace of your neighbours.
Investment is the next essential thing that you need to take into consideration for understanding if a renal home is better or your own home in Noida real estate or any other place of your choice.
Let us guide you on how to calculate the short term and long term investment aspect of a rental home vs an owned home.
When you move into a rental home, you have to pay an advance which is usually the consolidated balance of the rental fees of two, three or six months. However, this advance is refundable, and your landlord will return this amount when you leave the rental home.
Again, when you think of buying a home of your own, making a down payment is mandatory. Usually, the amount that you pay as the down payment is a minimum of 20% to 25% of the total value of the property.
Now if you calculate the algorithms, the final amount that you get will definitely be a blow on your face. Moreover, if you compare this amount with the advance that you pay for the rental home, the amount will be massively high.
Now let us take a long term perspective for getting a more precise understanding; calculate the total amount that you have paid so far on the rental home that you have been living till now. Do you expect to get any return from this investment? The answer will be ‘no.’
But you can always count on the long term returns on the money you invest for your own home. So, now the picture is clear in front of you.