Worried about rising housing costs? Are you wondering if now is a great time to buy or rent a home? It isn`t just real estate values that went through the roof in recent years. Rental rates have been climbing, too. Let’s take a look at the factors that can help you determine whether buying or renting a home is better.
1. Spacious Living:
What you may not know is that depending on how many bedrooms you require, buying a home may actually be more affordable than renting, according to the most recent data from realtor.com and the National Association of Realtors (NAR).
2. Stability + Wealth:
First, buying is likely to turn out to be more cost-effective than renting or building fixed-structure apartment units. Also, you can assume ownership of your residence. In addition to being less costly than renting, buying has an additional primary advantage when it comes to equity and stability: it provides a specific place you call home and a lot of room for it.
With a fixed-rate mortgage, you can secure your monthly payment when you purchase a home. In the inflationary economy of today, that is especially crucial. With inflation, increases all the costs, including those of groceries, gas, and other items are increasing. Your housing payment, which is probably your biggest monthly expense, can be fixed, which can give you more long-term stability and protect you from future price increases. That same level of predictability is not offered by renting.
This is how a recent CNET article describes it:
“…if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That’s an advantage over renting since there’s a good chance your landlord will raise your rent to counter inflationary pressures.”
3. Rent or EMI?:
When living in a rented home, it can become a burden to pay rent every month or every year and get no return. Paying off rent can be stressful and leave the person with hardly any extra savings to invest in other sectors. On the other hand, buying a home and paying off EMIs gives a sense of satisfaction of owning your property. Since land is an appreciating asset, there are higher chances of gaining good profits over the period of time.
Conclusion:
Meanwhile, the question of whether to rent or buy a home should be properly evaluated by a real estate agent in order to grasp the pros and cons of each action. With equity in your possession and the inflation barrier to be protected, it may be much better for you to buy rather than rent. With its central location and modern amenities, Labdhi Gardens, Neral’s 1 & 2 BHK is perfect for those who are looking for a comfortable and convenient place to live. Labdhi Lifestyle is also offering 1 BHK in Wadala in a 35 storey sky-high tower Labdhi Sea Breeze. It is located centrally near Lodha New Cuffe Parade Gate 4. Other configurations like 2 and 3 BHK are also available and as per speculations, the prices are rising rapidly in South Central Bombay.
