When you go out in the market to get your own place, you are faced with the reality of all the hassles and strains you must go through to buy real estate. At times like these you find yourself asking this: Is renting a better option compared to buying a property? Well, this is a very open-ended question, since it depends on the individual and his needs and requirements. However, studies have shown that in many a case, individuals have preferred renting instead of buying.
This is because renting a house has many advantages over buying your own house. Buying a home requires for one to have a hefty down payment, which can prove to be quite burdensome to some. Though getting a home loan has become easier these days, it is still a very big commitment to bind yourselves to paying the recurring mortgage along with running your daily life. In short, home loan is a long-time commitment. Next comes the maintenance costs when you have your own property. This cost varies from house to house, depending on the size, age of the property and location. But maintaining your own property is heavier on your pocket as compared to maintaining your rented property, since most of the heavy maintenance work falls onto the shoulders of the property owner. Next, comes the factor of how long you are planning on staying in the city. If you’re into a service that requires you to transfer between different cities, you might not want to invest into buying a personal property and would rather choose renting out a place. Check out the best constructors from Singapore by The M Condo.
Renting in Bangalore: The best option!
This is very much applicable in a city like Bangalore, India which is an IT Hub, and sees many a people transferring in and out of the city at a good rate. People are usually seen checking out websites to find a house for rent in Bangalore, India more often than people looking for buying real estate. This is because a good percentage of people working in this city are the IT professionals, who always prefer renting out a place to live in order to save on their expenses, while enjoying the same luxuries and amenities they would have had at their own place.
When you are living in a rented place, you always have the freedom to shift out to another place, something you cannot think about when it is your own property. This is one popular reason why there are so many options for renting places in the major cities across the country, including Bangalore, India. You can get numerous options to choose from at every location you want to in the city, because there has been a hike in the number of rental houses being set up to match with the rising demands for the same.
If you’re a working individual, another upside to renting for you is that you can claim House Rent Allowance, also called HRA. This was you get to save a lot on the income tax you would have had to pay otherwise. You can claim HRA for 40% to 50% of your basic salary, depending on the tier of city you are working in.
Another benefit of renting a place, which is also a popular opinion amongst the young professionals is that you can live with your friends. This is a very important factor to consider especially when you in a big city like Bangalore, away from your hometown. One can easily get a house for rent in Bangalore, India along with his friends or family.
Renting a house also comes with the freedom of downsizing to an affordable space when you are running on a low budget. This is very difficult to pull off when you own the property, because then you must take many factors into considerations while selling your property like profit earned, appreciation or depreciation value, etc.
Bangalore, India is one of the biggest and developed cities of the country, and the prices of its real estate are shooting to the skies. If you’re looking to live in a good location in this city, without making a dent in your savings, it would be advisable to go forward with renting a place.
How about going for Resale Flats?
Tired of living in a rented space? Tired of shifting places due to increasing rents? You can go for buying a resale property. This is a good option that can be considered when one wants to buy his own real estate but does not have the budget of buying a new property. Taking possession of a resale flat comes with all the benefits of owing your personal property, with a comparatively lower budget.
Just like all the other cities, one can get numerous options for resale flats in Bangalore, India which are ready for possession. Buying a resale property has many advantages. One saves a lot on the interior décor with this option and can invest that amount he would have spent otherwise on better things.
Nowadays, there are innumerous options one can select from while looking for resale flats in Bangalore, India. This option also saves you from paying rent or EMI of your place.
What you need to know before any investment?
Whether you are taking a house for rent or getting a resale flat, you must be very thorough through out the entire process, because it all comes down to saving and keeping your money safe. First, you must the documentation finely, to not fall prey for a loophole later. Nowadays, there are many property frauds surfacing in the daily news, and you do not want to be a victim of these.
Before investing your money into the flat, you should get a thorough physical check of the property, done by concerned professionals. This is always advised so that one gets a proper deal out of his hard-earned money. Along with the property, do a comprehensive background check of the property owner and builder. Keeping all these factors into mind, go for the type of property you want to invest in.