Actually, these two are highly important questions to ask yourself.
If you want to continue Renting then
- The big advantage with renting is that you will be free of most of the maintenance costs
- You don’t need to worry about EMI payment
- You can rent a bigger apartment which you couldn’t effort buying it
- You lose the chance to build asset
- You cant take advantage of tax benefits
- You need to be ready from rent increases.
- You may not have the right to decorate as you like without permission
- Will always be at the mercy of the home owner when it comes to terminating the rental lease.
If your Planning to Buy a Property then
- You Own an Asset
- Your EMI payment is like building equity and that becomes an investment.
- You are entitled to tax benefit
- You can earn rent out it
- You have an Emotional connect with the
- You must have a steady source of income from your business or your job
- You must have a good record of paying your Credit Card bills, past loans and few other aspects which will reflex in your credit (CIBIL) score which is helpful for your home loan
- You must have money saved for making a down payment
- You must have the ability to pay a substantial amount in EMI every month plus other costs
- You Must be ready for Monthly Maintenance of the property