In Metro cities people come for work but the problem is we also have to have a place to live. So to find that place we have to get it for rent, and that's for the initial years. And when you are thinking of settling in a city, you go for buying the house, but not everyone. And that's where the debate on rent vs buy comes into picture.
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People usually have their houses in their hometown which is usually far from their work place. And that's why whoever have the money wants to buy something on their own and mostly where they work. For example, of someone is staying in Bangalore for quite some time and staying on rent, they would love to have their own house even though they might have their Ancestor house anywhere in India.
And that's where the debate on rent vs buy comes into picture. The rent is quite high in Bangalore, so people who are paying around 30K per month as their rent will think to spend more like 60K and then give it as an EMI and buy the house. So even though they are paying almost doubled, but they have a house to live which they call their own.
The problem with buying is that their is a big expenditure which you have to think about. You have to have a down payment, get the big loan, pay the EMIs and then eventually pay for the interiors also. So all in all buying a house is not everyone's cup of tea because of the high cost.
On the other hand when you renting you just have to pay rent every month and don't have to worry about anything else. The initial investment is not there and you can change the house whenever you need it. But the problem is again that you have to tackle the bad or God owners.
So there are pros and cons of both buying and renting, it is upto you what you want and how to achieve that.
