Real Estate investment is seen as a source of equity building and a way to reduce taxes. Largely though, it pertains to a home ownership experience that involves a multitude of factors like income, market scenario, social status, lifestyle choices and more. Also, a lot of people believe that owning a home is a critical lifetime investment. This is the reason many people are confused whether to purchase a home or rent one as with homebuying, there are a lot of challenges.
If you are someone who’s looking for new residential projects in Pune, this question of buying or renting must be bothering you as well. Let’s try and discuss the pros and cons of both aspects to help you out.
The main thing you should consider before making a decision is the cost of rent v/s EMI for a particular property. It is the most prioritizing factor that you should take into consideration before reaching a final choice. On the other hand, renting is an option that most consider as a compromise. Yet, it has been observed that the majority of urban population prefer to rent v/s buy a house. Due to the changing dynamics of the country’s economic status, most of the people from the mid-income group are keener towards moving from one city to another for professional growth.
The youth nowadays are more focused on spending their disposable income in leisure activities before making a significant investment at an early stage in their life. This home owning cultural flip has disclosed a different side of the people who believe in living in today. Hence, renting has become quite popular. Still in most parts of our country, homebuying is associated with a traditional outlook that owning a home marks stability and security. In total, the choice depends on your situation and capacity to allocate your financial resources.
But we can still give you some clarity to help you with your decision. So for example, if you are looking for new projects in Pimpri Chinchwad or Pune, here are a few pointers you should remember while making a choice:
Rent money can be put toward a home loan EMI, allowing you to establish a long-term asset.
Section 24 allows you to save tax up to Rs 2 lakh in interest paid on a self-occupied home, and Section 80C allows you to save up to Rs 1.5 lakh on principal.
Home loan rates are at about 6-7 percent. After a decline in recent years, property values are expected to rise.
With your own home, you don’t have to worry about moving all the time.
You won’t have to deal with the landlord’s whims when it comes to maintaining the property, nor will you have to fight over who pays for repairs, painting, and other maintenance tasks with your own home.
Having your own home brings calmness and mental stability, as well as the freedom to decorate it however you please.
Aside from the annual increase of 8-10%, the landlord can raise the rent at any time or evict you.
Renting does not provide any tax benefits.
You can’t alter or make structural improvements to the house without the landlord’s permission.
You will have to continue paying rent even after retirement with no or minimal source of income
You must follow society’s rules, which may include pet restrictions and car restrictions among other objections.
Through the above-mentioned factors, you must have realized that homeowning is not just only a must have experience but a better option than renting, if you have long-term commitment in terms of your personal and professional life.
Yet, if you have made up your mind to go house-hunting this weekend, do plan a visit to any of the projects by Pharande Spaces. We are one of the leading real estate developers in Pune with a team of highly professional individuals focused on offering unique and highly qualitative residential projects.