RENTING versus BUYING: Live On Rent or Own A Home?

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Many millennials don’t want to cook the meal themselves — or own, maintain and pay for a home on their own. So, they’re willing to pay for the luxury of someone else doing it for them. It also means they can live in a better area than they could otherwise afford!

However, there’s a flip-side too. A family must make a fixed reservation of their monthly income for rental outgo, and factor in a possible rental escalation of up to 10% a year.

“After a few years, the expenditure involved in renting can get to you,” adds Kanika Gupta Shori, Founder and COO of Square Yards. “Add to that the inability to alter or renovate your living space in any manner — paint the home, drive a nail in the wall, put up your favourite art. Additionally, there is the stress of moving.”

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Published by: Hindustan Times
Date: 31 Aug 2019