Owning a Home versus a Rented Home

Owning a Home versus a Rented Home

This topic is something that most people will relate with because owning a home is a dream for every family. There are so many emotions that are attached with this dream that it just too hard a topic to speak about. Ask anyone about whether or not they would like to have their own home and that person would look straight back into your eyes and say ‘of course’. 

For people who do not own a home the other option is to live in a rented house. People who have a transferable job or a government job that requires postings in different cities around the country having a rented house makes complete sense. 

This article is aimed at those people who want to choose between renting a house for long term verses those people who would like to put in their life time earnings and finally build/buy their own home.

While everyone wants to put in the money and have their own home one needs to understand that today the cost of construction is more much than it was in 2020 which when the COVID pandemic started in India. 

Cost of Construction

In 2020 the average cost of construction was about 1350-1500 rupees per square feet. This price was sufficient for high quality of construction with the best material being used. According to some estimates at this price the builder will provide you with UltraTech cement, flooring costing 50-75 rupees per square feet, granite where applicable costing 100-125 rupees, etc. In 2022 the cost for the same quality construction has gone up to 1600 to 1700 rupees per square feet. The main reasons for the rise in cost of construction is labor is now more expensive, rise in the cost of steel used in construction and various other factors. 

If you are looking to buy bungalows in Kolkata then you first need to understand the budget at which you can afford to buy a home for your family. Depending on the size of your family and your future needs you can have a fair estimate of your current and future needs. Definitely a 4 bhk bungalow in Kolkata would cost more than a 3 bhk bungalow in Kolkata. It is for you and your family to understand its needs. 

The typical area of a 3 bhk bungalow in Kolkata would be around 2000 to 2300 square feet while a 4 bhk bungalow in Kolkata would be about 2500 to 3000 square feet in size. 

Living in a Rented Home

With a rent home you do not need to invest all of your hard earned money into just one home and then spend a lifetime on its upkeep. With a rented home you can always move to a smaller or bigger home depending on your current needs. When moving to a new rented home you can request the owner to repaint the house if the interior paint is not in good condition. There are many pros and cons with living in a rent home so if you are happy living rented home then that is great too.

Living in Your Own House

For hundreds of years man has toiled hard just to build something for himself. Even today a man works hard just to provide well enough for his family and owning ones’ own home is for most a pinnacle of one’s hard work. Building one’s house is often seen as a your arriving at a level where you stand comfortably with your personal financial position. Since you are not a building contractor it is best you leave this to a trusted builder. 

Leave a Reply

Your email address will not be published. Required fields are marked *