There is always this constant debate as to whether renting is better or buying a house is better.
After 11 years of renting, I feel that buying is a better option.
In the past 11 years after graduation(excluding post-graduation accommodation expenses), I had shelled out close to INR 19.5 lakhs in rent alone. This amount can never be returned. HRA did save me taxes, but only INR 3 lakhs. I feel that the remaining amount could have been used as down payment and I could have bought an apartment.
We recently bought an apartment and made sure that we don’t pay an EMI of more than 15% of our total monthly household income.
What are everyone’s thoughts on this?