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31 Oct 2014

Buying a house is the greatest investment and an asset for every individual. But renting a house can be advantageous based on certain factors only. Though buying a home in Chennai sounds simple, there are a lot of factors like increasing property prices, interest rates, EMIs etc. Due to prevailing real estate market condition, most of the individual are in a baffling situation whether to buy or rent a house. Likewise, people would ponder about a question like, should I purchase a property or continue my stay in rented home?

Renting a home has its own advantages and disadvantages. Though renting provides better financial option, people can make their stay in the rented house only on a temporary basis. But renting a home in Chennai helps those who are yet to settle in their professional and personal life. This is because renters need not pay the amount for maintenance and repair, they can pay just a refundable amount rather than paying a huge amount. Apart from these advantages, the following are some of the drawbacks.

·         The renters can never avail the special tax benefits.

·         Can’t enjoy the appreciation of value

·         Should pay higher cost for lesser Square feet

·         Don’t have rights to make any improvements as per their wish

·         Lots of rules and regulation

·         Rental amount increases on yearly basis.

Things to know before purchasing a house:

1.      Key aspect: The investors needs to consider important factors such as the location, family requirements, market area of an area, amenities, transportation facility and lots more. Also the buyers should think about the type of a home in Chennai, the amount of space required and the financial situation.   

2.      Value returns: Knowing the value return is essential for the investors when it comes to buying a property. This can be calculated through the price-rent ratio tool. This is commonly used to calculate by dividing the amount of annual rent and total cost of a property.

3.      Jeopardy analysis: It is essential for people to have an analysis. This analysis provides details whether the price tends remains the same for duration and the rentals fluctuate as per the demand. In addition to this, it is essential for the buyers of a home in Chennai to do a cost benefit analysis. This can be done using online calculators which will include various tax benefits and investments.

4.      Financial position: The buyers should look at the financial position before making their investment. When the buyers go for a home loan, he/she should check the interest rate and also should take care of the monthly expenses. Extra expenses like upfront house cost and other extra amounts should also be checked.

5.      Income stability: Normally, when the bank grants a home loan, it would check the monthly income and also the job security of the buyers. So, it is essential for the buyers to check for the job stability and salary hike before opting for a housing loan to purchase flats in Chennai. 

Benefits of buying a house:

·         Along with zero Amarprakash builders complaints buying a property is a long term gain as it provides compulsory value return and enhances pride and status.

·         The owners have the rights to make changes and further do improvements in their house

·         Can avail greater tax benefits and lots more benefits.

 



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