Exploring the Benefits of Homeownership vs. Renting in Thrissur

Posted onOct 11, 2024

There is no doubt that everyone needs a home; now, whether you need to buy one or whether it is sufficient to rent it is the subject of much deliberation. There are a lot of people who strongly feel about one or the other. This is entirely personal, so before you take a decision on this, take a look at the advantages and disadvantages of both.

Choosing between buying or renting a home in Thrissur involves personal, financial, and lifestyle considerations in the Homeownership vs. Renting debate. Buying offers stability and investment opportunities, given Thrissur's growing real estate market. On the other hand, renting provides flexibility and is less financially burdensome, ideal for those who require mobility or are not ready for long-term financial commitments. Each option impacts quality of life and financial health differently, so it's essential to assess your long-term objectives and financial status before deciding.

Benefits of Home Ownership

If you follow the real estate market trends in Thrissur, you will realize that it is the ideal time to buy property now. With the city developing rapidly and inviting people to settle down, you have a wide choice in real estate, especially apartments.

• Owning your own home gives a sense of satisfaction and provides great sentimental value and pride in the fact for yourself and family.
• You are the king of your house; even if the world goes upside-down, you have your safe place to come back to where nobody can harass you.
• Purchasing property has the dual purpose of providing a roof over your head and giving you investment avenues - you can sell the flat to make a profit or rent it out for an income flow each month. Especially as there are many future opportunities for development in Thrissur, you can hope to get excellent returns.
• You have the freedom to make whatever changes you want to the apartment as long as you don’t cause structural damage.
• By paying your loan EMIs in time, you can build a good credit history and make long-term financial savings.
• Buying a premium apartment opens the doors to lifestyle amenities like a gym, swimming pool, spa, and others.

Disadvantages of Home Ownership

• You have to ensure that you set aside a significant amount of your income to pay your monthly installments towards the home loan.
• You have to take care of maintaining the property and make necessary repairs, etc.
• In case you need to move, selling off the apartment suddenly may become difficult.

Renting — Benefits 

• Renting is the best choice for those who are frequently transferred in their jobs and don’t reside for long in one place
• If you want to reside in an upscale locality, purchasing in such an area may work out expensive, but renting may be possible.
• You can move out of a rental apartment quickly if the need arises.
• Repairs and maintenance of the apartment is not your responsibility.
• You can save money by renting an apartment, which you can use instead to invest in property and avoid loans
• Investment portfolio diversification is possible as you have sufficient disposable funds to use in other directions.

Renting — Cons

• Tenants cannot make any changes to the property without express permission from the owner 
• You need to get the owner’s permission to make any changes to the apartment
• Rent is an expense, not an investment that you can get any rent on
• There is no guarantee if the rental agreement will be renewed after the current period
• You have no control over the rental rates and fluctuation
• The money saved by paying rent may get spent rather than invested

Conclusion

Both renting and purchasing an apartment have a number of benefits and their own disadvantages in the Homeownership vs. Renting debate. However, the sentimental value of ownership, the satisfaction you gain from having your own home, and the possibility of getting returns from it make home buying the better option overall. Plus, you have all the freedom to enjoy your property as you wish in the context of Homeownership vs. Renting.

Thrissur is a major financial hub of Kerala and is an emerging IT center. Roads, rail networks, public transportation, startup incubators, and many other infrastructure development work is happening at a fast pace. These are the reasons why Thrissur will be the next real estate hotspot; investing now is a wise decision.

Varma Homes offers the ideal real estate investment avenue as they are premium projects located in the best areas, comply with RERA norms, and offer honest, transparent, and hassle-free purchase experience.

FAQ

What are the benefits of owning a home in Thrissur?

Owning a home in Thrissur provides several benefits, including a sense of satisfaction and pride, investment opportunities through potential property value appreciation or rental income, and the freedom to make modifications to your property. With the rapid development of Thrissur as a financial and IT hub, buying property now is considered a timely investment.

What are some disadvantages of homeownership in Thrissur?

The disadvantages include the financial commitment of monthly loan instalments, the responsibility for maintenance and repairs, and potential difficulties in selling the property quickly if the need arises. These factors require significant consideration, especially for those who may not stay long-term in one location.

Why might renting be a preferable option for some individuals in Thrissur?

Renting in Thrissur offers flexibility, especially for those who frequently relocate due to job transfers. It allows living in upscale localities without the high costs of purchasing property in such areas, and it eliminates the responsibilities of property maintenance. Additionally, renting can free up funds for other investments, although it lacks the long-term financial benefits of property ownership.