To buy or rent: What’s advisable in PCMC?
- 1 July 2019
Living in a rented home is arguable cheaper than buying your own house. On the other hand, living in your own home affords you long-term independence and financial returns that you could never get from a rented home.
Of course, investing in and owning a home is the ideal dream of every citizen. But with property prices soaring sky-high, most people prefer to pay rent over purchasing a home. In a rapidly developing area like Pimpri Chinchwad, it’s always a dilemma whether to buy a home or settle for a rented apartment.
So when is it recommended to own a home?
If you know that you’re permanently settling down in a location, and have stable funds for managing your down payment and EMI flows, you should definitely opt for owning a home.
Even if you’re in the early stages of your career, your salary is bound to increase over the years while the EMI will remain constant. Owning a home will motivate you towards increasing your savings for managing your EMI loan repayments.
Over time, the property prices would have also appreciated, giving you a significant return on your investment. Pimpri Chinchwad, in the coming years, is bound to grow rapidly in terms of residential demand. Owning a property in such a lucrative area will definitely give good returns, therefore justifying buying over renting.
When living in a rented home, most landlords tend to restrict the term of occupancy, since laws are directed in favour of the tenants. If you’re certain of settling down in a particular city or an area like PCMC, renting a home may not be the wisest decision.
Thanks to the subsidy in interest rates for first-time home buyers and boom in affordable housing, owning a home has become a closer reality for many people.
What are the advantages of owning a home over rental accommodations?
- As a home owner, you enjoy a sense of freedom and security with no interference from anyone
- You avoid progressively rising monthly rentals
- You are already aware of the costs you have to set aside for your EMI loan repayments
- Rentals may seem cheaper in the short run, but in the long run you pay more than the price of the house with no chance of cost recovery
- When you own a house, you can generate a passive cash flow through rentals or paying guests
- An owner can also mortgage property, whereas a tenant cannot
- A tenant may be asked to shift out by the owner anytime
As such, owning a home is a better choice than living in a rented accommodation, especially from a long-term point of view. If you’re looking to buy a flat in Pune at a reasonable price, ANTHEIA by Mahindra Lifespaces is the project for you. The residential property offers 2 & 3 BHK flats in Pimpri Chinchwad with exciting offers.