Which is better buying or renting a property?
Buy, Rent and Sell property
Do you want to buy it because you want to live in it with your family or do you look for an extra income that the house will bring in the form of rent? Or, are you simply buying it for long-term value leverage?
When should you buy a property?
Often we are confused about choosing the right time for buying a property, but the ‘right’ time for purchasing a house is completely depends on you in other words, whenever you yourself are ready for all the responsibilities that come alongside purchasing a house. It is equally important to think through the purposes of purchasing a house. Do you know why you need that house? What is motivating you to buy that house? The more focused your search will be, the better result you will get that meets your requirements.
What makes more sense — Rent or Buy?
There are several key points to consider which making your choice between buying and renting.
Prefer buying it if you find a house of your choice, that is near to your workplace or easily reachable from there. As it is obvious that banks don’t provide 100 % loan amount and you have to shell out at least 10-15% of cost, make sure that the Equated Monthly Installment (EMI) which you have to pay against your investment should not exceed 40 per cent of your monthly income, otherwise it would be difficult for you to repay the loan amount. Moreover, if you are already paying a monthly rent that is almost over 75 per cent of your applicable EMI, consider buying a house.
What to buy?
Once you decided to buy a property, next decision in line is what you should buy – Apartments, residential plot, independent houses, single floors, and multistorey flats. Each type of property has its own advantages and disadvantages based on the location.
Plot Vs. Multistorey?
In India, though there is a huge demand of plots rather than apartments, multistorey apartments are also gaining popularity slowly especially in established urban areas. The reason is affordability of land and the convenience and security offered by apartments. Also, increasing trend of nuclear family is pushing the need of selling large plots for smaller more compact apartments with centrally managed facilities.
What you need Independent plot or apartment in a gated community?
Gated Community is today’s form of residential complex, covered by high walls and fences. It has provision of surveillance based entrances to keep watch on those entering the community, cleaning amenities and surroundings. These gated communities provide the freedom of hassles-free life by taking care of everyday civic problems. An apartment in a gated community is generally a safe bet. An independent house, on the other hand, can be customized as per buyer’s need. An independent house provides plenty open space and clutter-free living.
Whatever you decide, always make sure that you are going to take care of the common facilities such as water, roads, and power supply and back-ups etc. Still there are certain developers who offer villas or townhouses within the gated complex with all the facilities that generally come with apartments. Though these options are little more heavy on your pocket but much safer and hassle free. However, you should be ready to pay maintenance charges for using these facilities.
