It has always been a matter of debate for property seekers whether they should buy a house or continue staying on rent. There are a lot of aspects associated for consideration when you fall in to such a mentally conflicting debate. At a time when home loan is getting cheaper and property market has taken a downward shift, is it wise to continue living in a rented house?
Especially in fast moving NCR cities, such as Faridabad and Gurgaon, which have evolved as the epicenter of the property market in the recent times, people are often getting biased by their own decisions. However according to MultiFlats.com, the prime property search portal of Delhi-NCR, it is a growing trend to rent out properties in most growing cities, like Gurgaon and Faridabad. Here we are presenting before you some key facts why you should continue staying in a renting house, even if, it is tempting to go for owning it.
Property prices are always at the higher side in prime locations. If you go for buying a 1 BHK apartment for rent in Faridabad/ Gurgaon, it can easily eat up between 25 Lacs to 70 lacs. The price of a 2BHK apartment for rent in Faridabad/ Gurgaon in a prime location can be anywhere in Gurgaon or Faridabad, you will have to spend at a range of 40 lacs to 1.5 crore rupees. While renting a house would not be that costly in the long run. It will balance out the consideration of any future uncertainties associated with a particular locality. You can easily shift to a better one, but once you have owned a house, you will have to bear with the unwanted circumstances.
Recurring Cost & Maintenance
Buying a house will not entirely end up your burdens or anxiety those are usually associated with rented accommodations. Imaging paying a fixed monthly amount towards society maintenance of fees, parking, and other sources of entertainment. Also include a fixed parking fees, which automatically will come with the bill. In addition, every two or three years, you will have to go for white washing of the interior of the house, which is not there if you have rented a house.
Future Price Imbalance
MultiFlats always believes in the fact that “the property market in India is generally driven by the interest of the investors rather than buyers.” This is a hard fact to digest, which severely affects the interests of the end buyers. The investors put their money in a project which will yield quick profit. Our prediction says that after the demonetization saga, most of the investors have pulled their hands back from most of the ongoing as well as future projects. Most of the unsold flats will have a transition period between 4 to 5 years to get sold at a good price. Hence, someone who is actually buying property with as an instrument of investment would not reap the benefit in the near future. Again, the circumstances after, say five years will have a different dynamic.
It is sometimes, wiser to take an informed decision. Think well before you go for a huge investment in property. Check out our regularly updated section for the best rental options in the fastest growing NCR cities, such as Faridabad and Gurgaon. You will get a wide choice of residential flats, villas, individual builder houses at attractive rentals in prime localities. Customize your search according to different criteria, such as locality, property type, budget and number of rooms. You will always get the best deals with MultiFlats.com.