The decision of renting or buying an apartment depends on various factors. You need to ask yourself certain questions like, how much is your budget? How long will you stay in that locality? What is the size of your family? No doubt, buying your own property is always a smart decision but considering the current rates scenario you might opt for rented property.
Buying a Residential Property
Buying a deluxe apartment not only increases your assets but also gives you the sense of ownership with the guarantee of appreciating over a period of time. You get the complete freedom from paying the monthly rents. The apartment that you buy gives you the liberty to decorate it as per your taste. You don’t have to take anyone’s permission before renovating it. At the same time buying your own property requires maintenance.
You will be in-charge of its security and property tax without depending on the landlord for maintaining the property. Apart from these outstanding expenditures, there is broker’s fee, stamp duty, society charges, insurance costs, registration fees and much more.
Before relocating elsewhere you need to think twice. Also getting a home loan for buying a luxurious apartment is not easy as it seems. You never get the entire finance for your home from any financial institute or banks. At the most they can help you with 70-90% of your requirement. Somehow you need to manage the remaining amount.
Renting a Residential Property
While renting a house you get variety of choices which generally do not come with buying a house. You become free from all sort of apartment maintenance task as it is the responsibility of landlord. At the same time if you violate any terms and conditions, then the landlord can ask you to vacate the apartment. Also the landlord can increase the rent anytime and you have no control over it.
You don’t have to apply for any loan as you just need to pay the monthly rent which can be paid from your salary. Rented real estate property is affordable than buying your own apartment. The plus point here is you can shift as per your convenience. You can stay at different places. This is beneficial for those who have transferrable job.
Buying or renting a property is completely an individual’s choice. After considering all the aspects you can decide what suits you the best.
Courtesy :Real Estate News and Trends in India
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