A property is a great investment. Now you can either buy it for personal use or you may resell it. In any case, there are a number of aspects about property buying that you need to consider and there is a long process you have to go through to get the deal finalised. So often instead of buying people get apartments on rent and in fact at times it is a much safer option. So while you are unable to purchase you dream house you can always stay in it with a rent payment. It is not a bad thing. You might like to travel or have a transfer job. In that case, buying properties everywhere you go is not such a wise option. Even as a bachelor, staying alone in a place with your family living elsewhere, buying a property makes very less sense. So there can be quite a good number of aspects working in favour as well as against both buying and renting a house in places like Pune. For example, you can avail the Golden Treasure Punawale for both rent as well as complete ownership.
- Owning a house means you have a proper financial standing. Renting does not say so. But renting can make you get the house at a good location even if you fail to buy the same house. Buying is always a long drawn and more complicated process than renting.
- You get the complete ownership of a house at the end of finally closing a Home Loan but in case of rented apartments, apart from a shelter over your head there is nothing that you fully receive per se. Nothing is really yours when you get a house for rent. You cannot change and manipulate the house, its walls, its doors, etc. however you want in a rented house. But you can do all that in your own bought property. Because once the deal is finalised, it is all yours and you can do whatever you wish with it.
- The ownership of a house acts as a security blanket on you. Not just you, once you have a property to your name, your successors also by relation get to own and use it. There is no dependence on another person for shelter. In case of renting an apartment, you are basically dependant on your landlord for the shelter. You are almost his mercy while staying in your own home.
- When you take Home Loans as in for buying houses, you know about the amount you are supposed to pay for the Equated Monthly Installments as opposed to renting. In case of renting, the money depends on the landlord and also on the demand of those apartments in that city, in that very area during that time of the year. Some places are too crowded or too popular. So getting a decent place of living in those regions is a big problem. And as demand and supply of apartments fluctuate so does the rates of staying.
- By owning a house you can claim a number of income tax deductions in case of stamp duty, interest and principal on your Home Loans. Such is not possible in case of renting. But renting gets you the Housing Rent Allowance benefit. With buying houses, you can apply for the Pradhan Mantra Awas Yojana (PMAY) with which you can get the survey of the property conducted ULBs absolutely free of cost. You can get an online registration done for this. The PMYA also provides – Credit Linked Subsidy, Affordable Housing in Partnership and Subsidy for Beneficiary-led individual house construction/enhancement.