A house is more than a structure of roofs and walls. It is an emotional investment that invokes a sense of security, comfort, and long-term financial support. However, home purchase is a major financial decision, and you should feel free of unending loans by making this decision.
Buying or renting is a major dwelling option for every individual. While you will find many flats for sale in Salt Lake, the demand for rental properties in Kolkata is also increasing. Rather than comparing these two, make these life-changing decisions depending on a few factors.
Factors Affecting Decision – Property Buying and Renting
Why Buy a Flat?
- Emotional Security
Buying a new flat is an emotional decision. You’re giving your family irreplaceable emotional security and comfort by providing a permanent shelter. After all, a “home” is where you want to retire.
- Long Term Investment
With a home of your own, you don’t have to deal with grumpy landlords. Moreover, a flat is a long-term investment. Although you’re taking a loan for the same, it is your asset, and you can resell it to procure funds.
- Tax Benefits
When you take out a home loan, you can claim tax benefits by availing of the necessary tax deductions on the loan amount. Some common tax deductions include mortgage interest, insurance, and repair and maintenance expenses.
Why Rent a Property?
- Relocation Flexibility
Living in a rental property allows you to relocate according to your needs. Unlike flats, rental properties do not require a high financial investment. Hence, relocation is a relatively easy decision.
- No Down Payment or Loan Burden
Renting a property does not involve any down payment or doesn’t impose the burden of a loan on the individual. All you have to do is arrange the advanced rental amount and the monthly rent value. Hence, if you’re low on budget, renting is certainly a better and wiser option than buying a property.
- No Additional Expenses
Monthly rental payments are lower than the EMIs you’ll bear for the flat. Moreover, your flat involves maintenance, repair, and replacement costs. However, the landlord is responsible for these costs when you live in a rental property.
Summary
If you’ve sufficient funds and a secured job that can help you revive from the burden of the loan, then buying a house is unquestionably a great decision. However, renting is a more flexible option for people planning to move from one city to another frequently.
The decision depends completely on the individual’s financial position, future plans, and security. If you’re looking for luxurious flats, contact Bhawani Group. We are one of the reputed real estate developers in Kolkata. Check out our website for different projects across Kolkata.
