Should you buy or rent your next house?
- A dream home may be on top of your to-do list, but you should factor in job transferability, loan and affordability before making a decision
- In case of salaried individuals, a house is likely to be the most expensive buy
MUMBAI : When city-based financial planner Melvin Joseph, now 52, started working 25 years ago, he had made up his mind that he would not buy a property. “Immediately after my wedding, I got transferred from my home town in Kerala to a hill station while working for an insurance company. Since then, I have always stayed on rent as I knew I would be changing cities owing to my work profile," says Joseph. In the past 25 years, he has shifted multiple cities across Kerala and Tamil Nadu, before winding up in Mumbai. Not owning a property has actually given him the freedom to explore his career without any restrictions, says Joseph. “Had I purchased a house in Kerala 25 years ago, then my career would have been limited, as I would be thinking about my real estate investment and would have been locked into an EMI [equated monthly instalment]," he says.
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