You may have spent your whole life in a rented house, or you may own a property in another city. Now, for some reason or because of some thoughts, you want to purchase a house in a particular city. You’re also hesitant to make a final decision.
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Before you get to the answer, you need to ask yourself a few questions.
- Why do you want to buy a house?
- What is your current financial?
Why do you want to buy a home?
- You have acquired wealth or a retirement fund and are looking to invest it.
- You’ve never owned a house, and it is your dream to buy one.
- You want to spend your last days peacefully at home.
What is your current financial status?
If you purchase a house right now, will you have enough funds to pay other bills? Perhaps you have a home loan and are considering making EMI payments. But it is important to secure some funds for future emergencies other than paying EMIs.
Advantages of Buying and Renting a Home at 60
| BUYING | RENTING |
| A property is a secure investment, and it can support you in an unfavorable economy. | If you are living temporarily in a particular city, then renting is a great option. |
| You can live stressfully without worrying about the landlord. | Repair and maintenance costs are not your responsibility. |
| Property has a high return on investment value, regardless of when it is sold. | You can move out if you don’t like it. even try out different neighborhoods to find a better community |
Disadvantages of Buying and Renting a Home
| BUYING | RENTING |
| If you buy with a loan, your EMI will be higher than your rent. | You are paying someone else’s EMIs through your rent amount. |
| Home loan tenure is up to 20 years, which means you will be liable to pay for the next 20 years with double interest. | When the market situation is bad, you will end up with no assets at all. |
| Taking care of repair and maintenance will be your duty. | A landlord can ask you to move out at any time when he wants to, and moving out in your 60s or 70s is not a great idea. |
Either way, your lifestyle will affect your decisions, thus a thoughtful decision is important. If you like to live in a peaceful neighborhood, choose semi-remote locations. And with the current real estate market situation, it is better to buy land or a house in Tier 2 and Tier 3 cities.
These cities are growing and will see significant expansion in the near future. Hence, the property rate will increase along with its development.
Housewise help customers from 28 countries in India. We offer transparent and trustworthy services such as property management in India. Contact Housewise, a property management company in India, and get expert help for buying or renting a house.