When it comes to home accommodation, should you rent or buy? This is one pressing question that puts anyone looking to change accommodation in a dilemma. While renting a property has its benefits, it comes with some drawbacks too. The same can be said when you opt to purchase a property.

 

Whether you are looking to buy a home in Pune or rent one, Pride World City in Charholi Budruk offers affordable 2 BHK and 3 BHK flats to easily match your budget.

Let’s look at some factors to help you decide whether to rent or buy a home:

Why buying a home makes more sense

Purchasing a property can prove extremely beneficial in the long run if you consider capital appreciation in the years to come. Even if you don’t reside for an extended period, a rise in property values can mean a sizable profit for you. Here are some scenarios where buying real estate in Pune could work wonders for you:

• You plan to stay in the same place for more than five years.
• In case of a change in plans or the event of any financial hiccups, you could lease a part of the property.
• You are financially prepared to pay monthly EMIs on home loans and down payments with considerable ease.
• You plan to increase the value of the property by making improvements to it over time.

Reasons to rent a home

For people who move with their jobs, renting a house is a better deal. Here are some scenarios why renting a property could be ideal:

• You are unsure how long you would have to stay in a particular location due to family circumstances, career prospects, etc.
• You are not keen on spending money on regular repairs and maintaining the property.
• Your finances are unstable or likely to change soon, thus, making it difficult to cope with home loan repayment.

Buy or rent?

Here are some key comparisons to help you make the right decision:

Buying                                                                            Renting

– Builds credit score and capital appreciation            – Fewer upfront costs and paperwork

– Possible tax benefits                                                 – No responsibility for regular upkeep

– Can upgrade your home to your taste                      – Freedom to be more mobile and flexible

– A sense of pride in home ownership                        – Can save you mortgage costs

When it comes to financing your dream home, you can even check out a home loan up to Rs. 3.5 crore from Bajaj Finserv Homes & Loans. Not only do you get easy financing for your dream home, but you can also avail additional services such as buying assistance and more.

Summary

Whether you rent or buy a property, you need to carefully analyse your financial situation and look at all the factors mentioned above. You may ask yourself questions such as – what can you afford and how much can you dip into your savings? This should not mean that you empty your reserves kept for retirement or other critical goals like children’s education or marriage. You may want to look at some factors including, how long you can stay in the same city if you buy a house; and what are the backup options if you have to move? If flexibility is more important to you, then renting a property is most beneficial. Remember, buying a house should be a well-thought decision and not an emotional one.

If you are looking to buy a home in Pune, Pride World City in Charholi Budruk is a spectacular residential project offering beautifully designed apartments surrounded by natural greenery and stunning vistas of the hills. The housing project is registered on RERA and offers world-class amenities including coffee lounges, restaurants, barbeque pit, dance studio, gymnasium, private terrace/garden, jogging and cycling track, clubhouse and much more.

When it comes to the funding for your home, you can check out home loans from Bajaj Finserv Homes & Loans, a 100% subsidiary of Bajaj Finance Limited. Not only do you get easy financing but you can also avail services such as buying assistance and more.

Author Bio:

Riya is a passionate blogger. She has expertise in writing finance articles. She have been serving society as a financial adviser. She loves keeping himself up-to-date with the news and happenings around. She is always open to learning and shares her experiences on  Starbusinessnews.