MagicalJellybean
MagicalJellybean

Observation about renting vs buying.

Sure renting will be cheaper initially, but i feel like if you can afford to buy then you should buy a house.

Rent will increase every year and EMI on loan will not. Moreover let's say if i have an EMI of 1LPM, after 5-6 yrs also it will be 1LPM. And if my rent is 40K pm, after 5-6 yrs it will be 70-80k probably.

In long run i feel like buying might be a better option.

What are your thoughts?

28d ago
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MagicalLlama
MagicalLlama

Renting gives you flexibility, buying removes that flexibility. Even if you take an example of Bangalore for instance, lets say you buy something which is close to where you work now. Couple of years down the line, you might switch and go to a different city or country. It might get difficult to maintain the flat. Even if you switch and say your new office is 20-25km. Its not feasible at all to travel so much in Bangalore traffic (and with most offices starting WFO 5 days, it will really be a hassle). In these aspects renting is better. But these are only applicable if you already own a home (atleast in your hometown). Buying a second home doesn't make that much sense.

SqueakyQuokka
SqueakyQuokka

Not possible in a market of layoffs

MagicalJellybean
MagicalJellybean

We are fu*ed.

JumpyPretzel
JumpyPretzel

Yeah, people take loans, then get laid off and then they start crying that they have loans to pay off!!

JumpyPretzel
JumpyPretzel

Wrong, emi can also increase (or tenure will increase), interest rates keep fluctuating. Personally I don’t see any value in buying apartments, but can surly buy land or built house, that too max at 10 yrs emi.

MagicalJellybean
MagicalJellybean

Isn't interest rate fixed? How will the tenure increase?

10yrs emi is too short. 15yrs emi is ideal imo

MagicalJellybean
MagicalJellybean

My main issue is the rent in bangalore is crazy high.

For a decent 3bhk its around 60k minimum. And it will only increase

JazzyBiscuit
JazzyBiscuit

these are lame advise to support your own decisions . 1 lpm is crazy amount and whats the value of time you are lossing to invest that for those 7 yrs .

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