Rented or own Home in Lucknow?

Wondering whether to rent or buy apartments in Lucknow? Well! It is a major decision that will cast an impact on your finances, lifestyle, and long-term goals. 

Both need a regular income and the latter may also need maintenance efforts. Renting a property does not need you to fulfil the responsibilities needed with ownership and allows you more flexibility, but owning a home will give you a sense of belongingness, improved comfort, and achievement. 

Here, we highlight the key differences between renting and buying.

Renting v/s Buying

1.  Fixed cost

When you rent a 2 BHK apartment in Lucknow, you know the associated monthly costs every month. The amount such as rent, maintenance, furnishing (if any), etc. is mentioned in your lease agreement, which can help you plan your budget well. 
When you own a home, your EMIs are fixed but you will also be responsible for maintenance and home upkeep costs, which can be very costly sometimes. 

2.  Flexibility 

In renting, you can leave the flat whenever you want. But in owning, you may not be able to sell when you want. 
However, the downside is that in renting, sometimes you are asked to move suddenly if the landlord decides to sell the flat or start the renovation. Also, the rent may increase whenever the lease is renewed. When you own a flat, nobody can ask you to leave. 

3.  Control 

Owning a home offers tangible and intangible benefits. Having your own home allows you to make key decisions such as deciding the look and design of the home, repair work, renovation of the home, maintenance work, etc. Renting a space does not give you this right. You will need the landowner’s approval for even minor repairs. 

4.  Stability and Pride of Ownership

Owning your own home gives you stable life. Under all circumstances, you have a roof! It also gives you a pride and feeling of accomplishment. Renting a home cannot give you any such feeling. 

5.  Cost

Due to the inflated rent bills today, sometimes the rent amount is only a few grands lesser than the EMI of your 3 BHK apartment in Lucknow. The overall cost of homeownership is higher than renting only when your mortgage payment is lesser than the rent amount. Since, rent does not lead to the creation of an asset, buying a home seems to be the more cost-effective proposition in the long run. 
However, there are other costs too that the homeowner needs to consider, which a renter doesn’t have to pay such as property tax, water, and sewer service, pest control, repair, maintenance, etc. 

6. Tax Benefits

Homeowners get the benefit of tax on the EMI interest. If you rent also get an option of showing the rent in the standard deduction.
Weigh out the benefits and the costs of both and take a call depending on the factors like your income, savings, how you want to live, etc. For the initial few years, living on rent can give you the breather to sort out your finances, evaluate your needs, and save some money to buy a luxury home in Lucknow. If you are considering buying a 2BHK or 3BHK flat you can check out Rishita Mulberry Heights located at Sushant Golf City, Lucknow.