Financial Blog

Living in a rented house or buying a new house – Which one is better when you are in your 20s?

posted on 2019-08-12 08:21:15 by Admin

Every person wants to buy his dream home because living in a rented home put an extra burden on your pocket and savings. Some lucky people who got their dream job near to their home saves a lot of expenses like monthly rent, buying basic furniture for your new room or kitchen & extra cost of food because most of the time we spent money on buying outside food instead of cooking it by our-self in our 20s.
Like every person who is in his/her twenty’s I also thought about buying or living in my own home but this is the age where we all focused most on our career instead of other things sometimes things go according to our plan and sometimes things are totally different so do we really go for buying a home or live in a rented house?

Here are a few reasons why you should buy your own home instead of living at a rented house.

  1. Buying a home is the addition of new property which will give you better rates in the future too as per the development of that area.
  2. Changing a rented room is a very hectic job as you can’t take off from the office every time to visit a new room & transferring all the luggage is a huge task.
  3. You can do the changes whatever you like in your home; on the other hand, you have to take permission for every change in a rented home.
  4. Buying your own home saves money for you’re like you now don’t have to pay every month rent now and cost of shifting.

Is buying a home is a good idea when there is a change in your job location frequently?

Yes, even when your one job location is not fixed you have to buy a new home for yourself. Don’t relate it with living in a single place. A home is an investment whose return is always good as prices of properties always increase with time. Also, after marriage, you can put your family in a single place because you can’t shift with the whole family and furniture in every 2nd month.

Is taking a home loan is a good idea in my 20s?

Yes, buying a property is always good and the interest rate of home loans always remains quite low as compared to other loans also it gives you a long time for the repayment.
The 20s is the age when we spend most part of our salary in unwanted things like buying branded clothes even knowing that we spend a whole week in office, changing the mobile phone every six months, eating in a costly restaurant, etc.  That monthly EMI of home loan is actually is not an EMI, it’s an investment for you.  Now after paying the EMI, you have only a few bucks for your expenses which will force you in spending a thing on un-necessary things which do not really matter.