If you get the option of renting a flat or buying an apartment at a place like HRH Vasant Valley Flats and Apartments, then if you have the money you should always go for the purchase option. Buying an apartment even if it is one of the residential flats & Apartments in Sector 78 Greater Faridabad is no small deal as you have to pay lakhs of rupees to own the property. If you’re still confused about whether or not you should buy an apartment or live in a rented house, then you should read this blog carefully. Here we have listed some important reasons why purchasing a property offers more benefits than staying in a rented apartment.
Appreciation of the property value
While the real estate market is quite volatile, if you look at the historical pattern will find that the value of the property for the last few decades has grown significantly better than any other long-term investment option. India has a growing population and a large number of people are migrating from the rural area to the urban setup for jobs. All these people want homes to live in. Therefore, if you buy a home now, then after a few years you can sell it at a high profit. You can also improve the value of the property by making some improvements or renovating the house to make it more attractive to live in.
Easy home loans and tax benefits
Nowadays, getting a home loan has become very easier if you have a fixed income. Almost all nationalised banks and financial institutions can give you home loans at a very low-interest rate of around 7% to buy the apartment you want. Another attractive feature of a home loan is that you can repay these loans in 30 years which gives you adequate time to reschedule your finances and pay small installments without affecting your monthly budget and in the end get the ownership of an apartment. Furthermore, the premium you have to pay for your home loan is eligible for the tax deduction, wherein you can claim a maximum of 1.5 lakhs on the principal amount. Therefore, you get multiple benefits on buying your dream apartment through home loans.
Emotional security
If you are living in a rented apartment, then it does not matter how much money you are paying monthly to your landlord, at the end of the day that apartment belongs to him and you have to vacate it after a fixed period. On the other hand, when you buy an apartment of your own, then it gives you emotional security that no matter what, you will live a peaceful and stable life and not that of a nomadic person.