Buy a flat or rent a flat? This is a question everyone ponders upon, as in certain cities people only stay for work purposes. It’s true that buying is always as a second opinion for people as compared to renting. But, with Rentals there is a sure shot guarantee that there will be no return. On the other-hand there is Buying where there is a higher chance of you getting a good or a reasonable return!
The disadvantages of buying are pretty limited! The #1 constraint is the interest you will paying. Although, the current government is taking certain steps for reducing the rate of interest of the housing sector. Yet there isn’t such an impact for the people who are not in the super-rich category.
Looking on the brighter side. There is always the option of Purchasing. There are quite a few advantages of buying a house. Owning a house gives an individual the long-term benefits of security, equity and potential growth in personal wealth. The value of the real estate asset is bound to increase with a given period of time which gives you the luxury of enjoying profits if given a certain period of time. Also, this as well comes with its own risks.
Moreover, it depends on how you look at the matter. If you’re looking out for a short-term investment, then the best suggestion for you would be renting or If you’re looking out for a long-term investment then the option advisable to you would be Buying at any given day.
In a country like India where people prefer living with their family. Those people wouldn’t prefer moving around as much. As we all know moving is always a pain to carry out. In these cases, also people do prefer buying as it gives them the sense of security and stability.
So, coming back to the cons of buying a house. They would be that you would be bound to pay certain amount every month no matter what the cost. Technically speaking that means a certain amount being blocked from your account before your pay-check even arrives. One last thing, maybe that. In certain cases, if the property is not well-evaluated before buying an individual ends up paying more as interest amounts as compared to the appreciation incurred by him.