Own a home or rent it: your call
The topic of whether you should buy a house or rent one is never an easy one and can be influenced by different factors. One of the factors that can matter the most in any decision is location. Both owning and renting have huge ramifications that will be even felt in the future long after the decision is made. Hence, it is crucial to evaluate all the alternatives before arriving at a conclusion. Here are some facts worth mentioning.
Paying Rentals- Important Points
Research suggests that one in four tenants allocate about 50% of their income to their rent which is striking since the amount really could have been put into reasonable expenses resulting in equity over a period of time. A house is seen as the final place for a person and so the average age corresponding to that person increases but at the same time there are also many people who will earn rent until their death but will not be able to buy a house. It’s logical to assume that if so much of one’s income is going to rent, it’s better to use that money in buying a real estate instead. In Bangalore, rentals of a well located 2 BHK rental apartment starts at 20,500 INR and does not include one off expenses like brokerage fees and security deposits that is refundable.
Transforming Rent into a Mortgage
There are specific benefits and advantages of buying a property considering the transformation of rental payments into EMIs of your own property. For instance, you will be able to keep your repayment obligations through EMIs to a bare minimum, If You enter this stage at an earlier date. Such an EMI will enable you to value your lifetime earnings even better as such payments can be spread out throughout your earnings timeline. To this business strategy of early acquisition, research suggests that 83% of millennials market trends are moving towards. There is also prospect of rental earnings of 3.5% to 5% per annum through investing in property, while on purchasing a home. Return on Investment also gives fair return between 11 to 13.3% on Investment for property purchases. However, prospective buyers need to lead properties buyers together with investors as they need to save up to a fifth of the funds needed to purchase the property. Depending on one’s income, it may take as long as five years to save the loan. This will be the decisive factor to either own or not. Why the dire rush? As homeownership is known to come with tax breaks of up to 2 lakhs per transaction. When a second property is bought which is classified or deemed let out, it becomes easier to obtain money as the interest on the loan is completely deductible from the net profit of the business, so depending on how an investment is viewed, it pays quite well.
Highlighting the Benefits of Owning a Home
Owning homes is of great importance to families because they are able to interior design and spaces that meet their desires. A home is a haven that guarantees safety and comfort but very strong social relations are imperative in a given locality. Most homeowners as a result of their long-term stay in their homes tend to be attached to their neighborhood. On the other hand, the renters are less inclined towards fostering bonds because they anticipate moving. One of the major benefits in cities like Bangalore is the chance to buy an asset which can be sold later. A home that is owned enables the inhabitants to be comfortable and use their creativity which also ensurescial equity and the provisions of tax reliefs.
Most Sought After Real estates in Bangalore’s Prime Areas
Various assets establishments including Dream Location Property Group have made smart and decent-looking houses in some of the most sought-after areas within Bangalore. These projects include beautiful structures, functional aspects, and environmentally friendly features such as water saving and recycling facilities. Properties such as Dream Location Here & Now, Marq, and 63 East are becoming highly attractive especially among the young working class in the IT industry because of their locations near the main IT centers. These emphasised developments provide lavish designs without compromising on green concepts suited for the city workforce.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.