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Man living in Mumbai paying 1.5 lakh rent claims renting a house is better than buying, people react
The man living in Mumbai took to Twitter to share a thread in which he claimed how renting a house is better than buying one.
Is it better to rent a house or buy one? This is a debate that has been going on for years. In fact, social media is filled with posts showing people’s opinions about this dilemma. One such post by financial influencer Sharan Hegde has created chatter on Twitter. Mumbai-based Hegde argued that he feels paying rent is a much better option than buying a house. In his tweet he also added that currently he pays 1.5 lakh in rent.
“I live in the city of dreams, Mumbai. My flat costs ₹7 Crores but I pay just ₹1.5 Lakhs in rent. Buying it on EMI would've costed me ₹5 Lakhs p.m. even after paying ₹1.4 Crores in down payment. Here's why I won't buy a house,” he wrote in his first tweet. In the next few shares, he explained his reasoning.
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Take a look at the posts:
In his thread, he shared how he thinks buying a house is more of a burden.
“I appreciate that some of you might have very strong personal reasons to buy a house and I respect that. Just that, financially it might make more sense to defer this choice! What's your opinion now?” he tweeted and concluded the thread.
The Twitter thread soon captured people’s attention and prompted them to share comments. Many reacted by expressing their disagreement to the tweet.
Here’s how Twitter users reacted:
“Good thread lots of information is missing as after 20 years, rent will not be the same as 1.5 lacs but it will increase every year from 10% according to Mumbai rates. And in Mumbai, brokers take brokerage every year equal to one month rent. I believe owning one house is…” posted a Twitter user.
"Would love to know if your family owns one or more houses that you're likely to inherit?” asked another. To which, Hegde replied, “I do and I intend to put it on Airbnb so that you can enjoy a good time in Mangalore.”
A third added, “The people reading this post will definitely see after a few years that this guy is buying his own house, waiting for the Irony.” They also received a reply from Hegde who shared, “Challenge accepted.” A fourth wrote, “Home buying is an emotional decision rather than a financial one. It is that sense of having a piece of your own roof over your head goes beyond any financial sense.”
What are your thoughts on the tweet? Which do you think is better - buying a house or renting?
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