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Renting vs buying in India is a hot topic; everyone is confused about whether they should rent or buy. Renting saves your money, while buying is a way of creating assets. Both have pros and cons and depend on your lifestyle, long-term plans and budget. Renting vs buying is a financial dilemma. So here we are going to talk about it so that we can ultimately decide whether to rent or buy.

BUY

• 1. We have grown up seeing our parents buying furniture for our home, and we are very familiar with the process, but renting is something very unfamiliar to our parents’ generation.
• 2. When you buy a thing, you’re investing in assets that will always be yours.
• 3. When you buy, you have complete ownership of the products, and now you can do whatever you want with the product. You can sell it in future or modify it according to your needs.
• 4. Once you invest in an asset, you are committed to it for a long time, and if your mind changes after some time, then you can’t do anything.. With time, new and trendy versions of things keep coming, but you are stuck with your asset.

RENT

1. 1. If you buy something, it’s really very expensive, but if you’re buying a vehicle or house, then you have to pay EMIS every month, especially if you live in metropolitan cities, then paying EMIS and other expenses every month means no savings.

• 2. When you buy something, its value goes down every year because of depreciation

• 3. When you rent anything, you are committed to that thing for years, but with renting, things get easy. You can change your furniture, sofa, or TV to the trend. Also, if you buy a modern and aesthetic sofa, then it gets difficult for you to maintain and make that piece of furniture look new. So, with a rental company will take care.

• 4. When you buy something with a hefty price, you are just paying EMIS every month, so there are no savings

• 5. The value of your furniture or vehicle keeps going down with the years, so when you sell it, you don’t get much return on investment.

• 6. There is more flexibility in renting than buying

• You can live a better lifestyle with no upfront cost.
• 8. There are some risks in renting, like maintenance delays, less freedom to modify, and extra charges for wear and tear. That’s why it’s important to choose a good rental company and read all agreements properly.

Rental Tips

1. 1. Budget Wisely
2. 2. Research about the company
3. 3. Read the Agreement Carefully
4. 4. Inspect
5. 5. Communicate with the vendor