Finding a good home at times may be critical for many, keeping in mind the financial stability of every individual. With this several individuals are unsure between the choice to buy a new home or to rent one. Buying a home is truly a big financial decision! Hence, as you read along, you would get a clear idea of which idea is better when it comes to looking for flats in Madhyamgram.
For a lot of people renting may be a suitable option to look forward to, while on the other hand house hunters want to go ahead and purchase a home and add that extra sense of security and stability that renting does not bring along.
This leaves us with thinking, is buying a house actually better than renting? What makes it so? Well, let’s go ahead and discuss it.
By renting a house anywhere, especially when it comes to the city of Kolkata, one lacks the opportunity of having a long-term investment that would increase their net worth in the long run. While one rents a home, they are making monthly payments for a property they don't even own! Buying a home and later paying for that (even with instalments) allows you to have a sense of security that the home is actually owned by you and not by anyone else.
While you may still be stuck between whether renting is better or buying, we have reasons backed up with facts to help you with the same.
Homeownership has always been considered a suitable option and a gateway for many middle-income group individuals to make their dreams come true. Whether residential properties in North Kolkata or South, we all dream of owning a home and living with our loved ones in peace. People do breathe a sigh of relief when they do not have to pay a mortgage every single month.
The people who still lean towards renting a property are missing some of the key privileges of homeownership that cannot be replaced.
Did you know, homeownership is relatively cheaper than renting? Yes, you heard that correct. Although buying a house can prove to be expensive, it still can be relatively cheaper if you actually play your cards right. Homeownership is 38% cheaper than renting when calculated per annum. It is calculated by including the total cost of ownership which covers facets such as maintenance, insurance as well as taxes to the amount of rent paid for that exact period of time.
With homeownership, one saves from the fact of a home loan or EMI payments to be covered which makes it beneficial in the longer run.
Listed below are some advantages of homeownership over renting:
A feeling of security and pride in owning a home.
Need not bear the burden of increasing rent.
Buying a home with a loan, allows you to pay a fixed EMI to be paid for the time period, making payments and expenses more certain.
Less interference from others in your lifestyle (avoiding pesty landlords).
Deciding whether to buy or rent a home?
With rapid advancements in cities with time, youngsters are advised to invest and purchase a property in any city during their early stages. Booking a flat in Madhyamgram with beautifully designed apartments catered to the public with the best of everything at a price relatively lower than that of the main city.
By renting a property, you are restricted to living in a place for a very long time period as several landlords are not inclined towards keeping one tenant for very long, leading towards the uncertainty of a home. With lower interest rates as well as government subsidies offered, owning a home is a lot easier.
Let’s take an example to help you get more clarity over the same.
Imagine if you are living in a 3 bedroom apartment that is on rent and paying a monthly rent of Rs.20,000. This makes the average appreciation level 5 per cent, meaning after a period of say 40 years, you would have been paid Rs. 2.9 crores.
On the other hand, a person buying a 3 bedroom house for Rs.40,00,000 on a home loan for a period of 20 years. With the interest rate calculated to 8.3%, a person goes ahead paying Rs. 2.1 crores during the same time frame.
Why is Buying a Home Better than Renting one?
Buying a home allows you to gain additional income in the form of you yourself putting the house on rent.
Purchasing a home allows you to mortgage a property, whereas this is absent when it comes to renting one.
You may have to shift homes anytime as per the landlord, whereas when you buy a home, it's entirely yours to keep.
Hence, it's pretty evident that buying a flat is better than renting one - a fact grounded in truth. If you are looking to purchase a flat in North Kolkata, Madhyamgram is the perfect place to choose one due to its lush green spaces, pollution-free surroundings and the assurance of an upgraded lifestyle.
If you wish to purchase a flat, Windermere by Signum Group would be the best option. Offering beautiful 2/3/4 BHK apartments starting from Rs 28 lakhs, they make every Rupee spent worth it - giving you the property you own while making your dream come true.
