Even as real estate is booming and the housing demand is strong, residential prices are at an elevated level. The salaried class is divided between the decision of owning a house vs renting a house. Though there is no fixed and absolute answer to this, experts said people need to consider their needs and financial flexibility to decide on whether to buy a house or rent it.
Surender Kaushik, managing director of Aryan Realty Infratech, said, “Making the choice between renting and owning a home is a crucial question. While renting grants flexibility and relieves one of the homeownership burdens, homeownership offers stability and a sense of achievement. However, along with EMIs, owning also puts additional burdens like property taxes.”
According to a recent report by real estate consultant Knight Frank, residential prices have grown at a healthy clip along with strong demand since the beginning of 2022. Even while rates rose, consumer confidence remained buoyant leading to growing sales volumes. The comparatively strong economic fundamentals in India are expected to sustain demand momentum for residential assets, both for homebuyers and global investors.
Radheecka Rakesh Garg, director of Rajdarbar Realty, said, “Renting offers lower initial costs, flexibility, and freedom from property-related expenses, making it a viable option for those prioritising financial flexibility and career mobility.”
He, however, said building an asset for life and the emotional security that comes with owning a house can be an essential aspect to consider in the long run.
Naveen Kumar, managing director of Navraj Group, said, “Even though the initial costs of homeownership may surpass those of renting, it is prudent to invest in a property early on. Owning a home offers both tangible and intangible benefits.”
He said owning a house allows for the creation of a valuable asset while providing tax deductions, taking advantage of low loan rates, and anticipating property appreciation. It also fosters emotional security and a sense of pride in one’s personal space.
Mohit Goel, executive director of Omaxe Group, said, “When considering the decision to rent or buy a home, it’s crucial to account for various factors, including the dynamic real estate markets in regions like Delhi-NCR and the recent trends in tier-1 and tier-2 cities, both of which suggest a notable shift in the real estate landscape. Data suggests a massive shift in preference towards buying a house of one’s own.”
He added that whether you rent or buy a home, the decision should reflect your financial situation and life goals. Buying a house demands careful financial planning and comes with its challenges, and renting might seem less complicated. “But, remember that owning a home, in the long run, turns out to be more valuable as you are also creating an asset.”
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