Buying or leasing a home depends on various factors. As real estate prices rise and fall in India, it becomes difficult for home buyers to decide whether to buy or rent a property. It is necessary to do a thorough research of the city's property trends and decide whether to buy or rent a property. The decision also depends on the financial status of the person.
A wrong decision will lead to huge debt or illiterate assets. Many factors will help you decide whether to buy or rent a house in India:
High property prices: Property rates are skyrocketing in cities like Mumbai, Delhi, Chennai, Ahmedabad. So it becomes difficult for buyers to buy a house. Renting a house is a wise decision. Due to the rise in property prices, Mumbai is witnessing high demand for rental properties. The rental rate in Ahmedabad is quite stable, so renting is better than buying a property.
Low or stable property prices: Cities like Pune and Hyderabad have stable property prices, so buying a house in these cities is convenient. These are neutral cities for property investment. You can buy or rent property as per your convenience. Although Bangalore is a metropolitan city, properties prices are significantly lower than other Tier I cities. Therefore it is advisable to invest in property. In fact rental rates in Bangalore are very high compared to property prices. Even Hyderabad has cheap property prices and remains an ideal property to purchase destination.
Financial condition: Buying or leasing a property also depends on the financial condition of a person. If a person is financially strong, he can buy property even if the prices are high. Investors in cities like Chennai, Delhi, Gurgaon, Faridabad, Pune can take decisions based on their financial condition.
Duration of your stay: One of the factors to consider when buying or renting a property is how long you are going to stay in that place. If you are transferred to a particular place for a job or educational purpose then it is advisable to plan and decide the duration of your stay. If you are living for a short period of time then you rent a property instead of buying and paying a home loan. If you are looking for a long term plan then you can buy property.
Inactivity: Since large amounts of capital are invested, disposing of the house is difficult. Invest in an area that has strong infrastructure facilities such as connectivity, schools, parks, etc. Rather, it is better to rent a house, being stuck with an illegal property that is not easy to dispose of. Therefore it can be concluded that, if property prices are high, it makes sense to rent instead of buying property. Buying or renting a property depends on the person's choice and the above factors.
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