Buying Or Renting A House- Which Is More Profitable?
Most people directly jump to the conclusion of buying a house. This is merely a sign of poor decision making and not doing enough research about it. Yes, that’s true! Whether you wish to buy or rent a house, it should be followed by a strong “why”.
The following excerpt would throw light on the topic of buying versus renting. At the end of this simple guide, we assure, you would be able to choose a profitable way for yourself. You could also make Prosperty Real Estate Brokers in Chennai your companion in deciding this.
Ascertain the “WHY”
Try asking yourself the following questions:
What is the purpose for which you want to buy a house? What is really that driving factor to go
for a particular one? Do you want to buy a house because you want to live with your entire family? Or do you want one just to lease it and fetch some extra money in the form of rent? Also, you really don’t need to worry when you have Prosperty Chennai alongside.
You could also conduct a detailed SWOT analysis. SWOT is the acronym for Strength, Weakness, Opportunity, and Threat. All you have to do is note down the locality, you would like to stay. Describe the surrounding, your neighborhood, kind of people, the
type of house. Identify those aspects where you can’t make any compromise. For example, you need to remain close to your kid’s school, etc. Also, last but not the least, do the math. Most of the people neglect this aspect and end up in a miserable state. Decide your money flow and accordingly your comfort level.
Therefore, the clearer the picture in your mind about the “why” the better it is to choose. Your search will be focused and precise as per your requirements. Having the support of Prosperty Chennai is truly like a blessing.
When is Renting More Sensible
Renting generally gives a feeling of lower liability as compared to others. There are cities where you can rent a house worth Rs 50 lakh for only Rs 10,000-15,000 a month. Yes, you heard that right! And that would definitely turn out as a great deal.
If you want a house in metropolitan cities or in popular areas, the market rates may fluctuate tremendously. Here, buying is not really a wise option. Renting will allow you to stay closer to your desired location and not leave a hole in your pocket too. You can manage the entire process via Prosperty Real Estate Brokers in Chennai and stay carefree.
Also, most people have a misconception that renting overburdens oneself. However, it does not mess with house tax or any other legal issues. Hence that aspect is out of question.
Another important aspect to take care of is Equated Monthly Instalment (EMI). Always stay alert and check your EMI. Because your EMI on your property should not be over 40 per cent of your monthly salary. This is one of the easiest ways to ascertain if you will be comfortable in paying it back. However, it is not enough. Personal consultation from Prosperty Real Estate Brokers in Chennai can give a holistic view.
When does Buying feel Appropriate
Believe it or not, but buying a property gives a sense of security and a pride of ownership. Doesn’t it? And at the end of the day we all are running behind it, aren’t we?
Buying your own house or a property is a real estate investment. It isn’t shady or something which has no value. It is entirely a safe investment which has the potential of capital appreciation and tax benefits. Even Prosperty Chennai would agree to this.
In comparison to rent, buying it is surely a one time investment. You wouldn’t have to incur costs every single month. When you have your savings intact or good amount of capital with you, you shouldn’t think. Yes, you shouldn’t think but simply buy the property. Because at the end of the day, the value of a house or a property will never become a liability. It’s always going to remain as an asset.
There are other scenarios where a combination of buy plus rent works as well. Amazed? Yes, this does happen. But having the guidance from Prosperty Real Estate Brokers in Chennai will truly change the game.
The question whether to buy or rent haunts a number of people across the globe. However, using this guide and hiring Prosperty Chennai can help in going a long way. Their experience in this field truly makes them the top notch brand. So, what are you waiting for? Decide your dream house today.