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Roti, Kapada, Makan! The oft repeated slogan of many political parties for decades. One never realises the essentiality of these three items in life until one faces the responsibility of providing for them with one’s own resources. Roti and Kapada can be managed. Makan….now that is an entirely different ball game! A game of obstacles that would put Prince of Persia adventure to shame when it comes to surmounting obstacles. Whether it is getting a home on rent or buying a home, it could prove to be a herculean task.
Who hasn’t heard of Bipasha Basu finding it difficult to get a place to stay on rent because she was an actress? We know of the Miss India winner who lost her crown, just because she fibbed about her marital status to get a house on rent to live with her boyfriend. In most places bachelors and spinsters find it difficult to get a place for rent.
So what is the option? To buy a place of your own? Not all young people start big. With limited resources, the affordable homes are all at the outskirts of the city on paper and the other end of the earth in reality. Commuting time is practically one-fourth of your day and the cost one-tenth the salary.
With rented accommodation and own accommodation having their pros and cons how does one decide on the right decision? Here are some pointers to decide whether you should rent an apartment or buy one.
Your city
What is the type of city you live in?
Are you in one of the big 5 metros?
Is your city the capital of the state?
Is your city among the large cities of the state?
Do you live in class B city or a town?
Rent and Property cost increases in the last decade
Please ask around (with your colleagues, family friends, acquaintance) about the rent rates and property rates increase and get the general consensus. Also speak to a few real estate agents posing as a potential customer to get “professional” opinion.
Your career plan
Are you happy in your chosen career? Do you like your role and organisation to think of a long term career with them? Or do you have good career options in the same city which is likely to keep you there for a long duration? In which case you could think of buying a house in that location.
Your home requirement for the next decade
Is it going to be a nuclear family or are you going to have your parents living with you? This will determine if your house can be 1 BHK or 2 BHK against a 2BHK or 3BHK accommodation. Does your finance allow you to purchase a house as per your requirement or you will be constrained to live in a smaller house if you were to buy your own place.
Priority of expenses
Liquidity
Children’s expenses
Upgrading a car
Event based expense in the family – marriage, illness etc
House EMI and the house size that is available in the EMI that can be afforded
If the rents have been increasing at a steady pace and moderately and if you will be constrained to buy a house smaller than the required size, then going for a rented accommodation is preferable. If you are a family man with young children, your expenses are only going to increase exponentially whereas, promotions come by once in a couple of years and annual increments are to the tune of 10-15 % normally. In such a scenario, it is advisable to have liquidity compared to blocking income in a property.
The decision to buy or rent is also determined by the city and its real estate business performance index. For example, in the city of Cochin, the real estate has grown in negative integers :-1%; whereas, Kolkata is seeing a boom in affordable housing. Ahmedabad has seen the boom and it is an oversaturated market where everyone is waiting for the prices to come down. Chennai’s EMI
In large cities, proximity to children’s school determines whether you buy or rent. At times the option of buying a property your pocket affords for investment purpose and living for rent for convenience of children’s schooling or extra-curricular activities or tuitions are also a reality. The income from the rent of the owned property could help pay the EMI/rent.
There is no hard and fast rule on which is the right decision. Each person’s requirement is unique and has to dealt with individual preferences and scenarios factored in while taking the decision about an accommodation.
If you do decide to buy a property, before you start call the real estate agent, it is prudent to check your affordability quotient. We might not be able to conclusively arrive at a formula about buying a property but we definitely can tell you the maximum limit of the property you can think of buying.
