At the end of a day’s hard work, you would want to retire in a happy nook that can either be a rental property or the one owned by you. But, the crux is that with the passing time and age, you want to settle in life. The thought of owning a place and to live there goes overboard though we find the same quite rational here especially with the spiralling prices of the real estate properties throughout the world.
Today, buying a home isn’t about owning a place alone. It’s an investment that will give you handsome returns all throughout your life. For instance, you can earn a handsome money through rentals and at the same time, you can dispose the property at your convenience for a good return on the investment that you made at the time of its purchase. In short, you have to take an informed decision on renting vs home ownership. We offer some points to ponder here that you may find congenial and helpful to your purpose.
No Liability Shelter
When you go for apartments rental or rental homes, you essentially create a shelter for you the ownership of which rests with somebody else. As a matter of fact, you have no liability of keeping the structures and others of the property well maintained. All that you need is to pay rent on time and enjoy your stay there. In other words, you create a zero liability shelter for you and your family except for the payment of rent. Thus, a rental house in Bangalore may sound a lucrative option to you especially when you have no plan to settle there and this is very much common among those who are in Bangalore for quite some time for the job.
You will be surprised to realise that rental homes vs hotels virtually have no difference. In both the cases, you have to bear with the incremental cost with time. For instance, hotels keep revising room rent from time to time and so goes with the landlord who revises the rent amount after a fixed period by entering into a fresh rent agreement with you.
When you buy a home, you are to take a dip into your past savings and also take loans from the financial institutions such as banks. Taking loans come with the precondition of paying interest on the borrowed capital. Simultaneously, you are also to pay the borrowed capital in the equated monthly instalments (EMI) over a fixed period. In other words, you decision to own a house, drags you into some financial commitments that you always may not be comfortable to bear with it. Therefore, buying a home can destabilise you financially and can rob off your peace of mind.
Tax and Others
Owning a home and paying the EMI give you some rebate on your net taxable income. In other words, had you not taken the loan, you would have to pay more income tax to the government. On the flip side, when you own a home, you are to pay for the property tax to the authorities such as the municipal corporation on which you don’t get any tax rebate.
Wear and tear are natural with every asset. Your home is no different. In other words, you need to maintain your home regularly with the activities like cleaning, repairing, and painting. In other words, with the ownership of a home, the maintenance cost becomes a part of your yearly expenditure plan.
Your home is an invaluable asset that you can cash anytime in your life with a hefty premium. Take a look at the soaring real estate prices worldwide, you will have a fair idea on this. We would, therefore, advise you to go for owning a home even when you don’t need one in a city where you are currently staying.
The decision to own a house or not is purely your call. We have just presented a few thoughts on them. However, the Concord Tower @ HM Symphony in Sarjapur road Bangalore definitely has something unique that can earn good dividends for you in the near future.