10 Reasons to Buy a Property in Chennai Rather Than Going for a Rent
In cities like Chennai, people seek out houses for different reasons. For some people, it’s just a roof over their heads or a place to crash at nights. To longtime citizens, it’s a place to call home. The former type of people opts for rentals, as it fits their requirements better. What about those that have the means to choose between a rented house and purchasing a home? What should they go for?
At the onset, we have to acknowledge that both are indeed viable options that depend on the circumstances. If you’re looking for luxury apartments in Chennai, then the wiser choice would be to buy. If you’re just looking for a simple studio apartment inside the city for a few months, then renting is the better option. If all other factors are favorable, then a Chennaiite should go for buying a property rather than renting, in our opinion. Here’s why:
1. The Personal Touch:
This is pretty straightforward. If you’re ready to invest a sizeable sum while on the lookout for luxury apartments in Porur for instance, wouldn’t you want to have full creative freedom over how you customize your home? In a rental home, certain restrictions may be a part of your lease, such as no nails on the wall, no changing the wallpaper, so on and so forth. When you buy a home, YOU decide on every aspect of how to shape it. After all, people should be satisfied with their abodes for peaceful living.
2. The Long Run:
Buying a home in a big city is a substantial investment because it is an asset for life. If you need a roof over your head, it’s there for you. If you’re moving elsewhere, you can always rent it out, converting your home into a source of passive income. If you buy luxury flats in Chennai at the right time, you don’t have to worry about its viability as land and property is a basic commodity that’s always in demand.
3. House vs. Home:
Let’s say you’ve purchased one apartment out of new flats for sale in Perambur. You’ve not just bought a house, you’ve become part of a community that shares your taste in homes. A community that looks to make the quality of life better, together. Your association with the said community will be much stronger if you own a flat there as opposed to being there on rent. As the saying goes, home isn’t a place; it’s a people. Buying a house is a step towards feeling at home.
4. Steady & Stable:
All of us go through different phases of life, figuring out our way in this world until we make something of our lives. Buying a home is a step in the right direction towards building a stable life for yourself. It brings with it a robust, established base that serves as the anchor point for you to make your life around. You don’t have to worry about finding another place to stay and going back to square one as you do with rentals.
5. The Equity Equation:
When you pick a property out of the pool of real estate options on offer from Chennai, you’re looking to get full value for your money. If you buy luxury flats for sale in Chennai after taking a home loan, then you stand to receive equity for that property. As the property increases in value, you will receive an investment every year. This is beneficial owing to the fact that while your loan amount is fixed, the rising value of your property will ensure a fair amount of equity being credited to your name.
6. Taxing Simplified:
Every year, there comes the time when everyone is frantically busy filing their taxes. When you’re doing it from the comfort of YOUR home, however, you stand to gain the benefit of lesser taxes, as the property tax (and home loan interest) is deducted from your taxable amount, reducing it considerably. Being at home does make taxing times better!
7. Resale on Requirement:
One also can’t deny the fact that a property in hand also doubles up as a safety net for you financially. As if you’re in dire need for some money, you can always sell a property you have at a decent rate, to ease the strain on your purse strings.
8. New Is Better:
If you’re seeking out properties for rent, chances are you’ll mostly come across properties that are fairly old, and slightly lacking in the maintenance department. Most properties for sale in Chennai are upcoming and new, like the new flats for sale in Perambur and similar areas in the outer regions of the city. More modern abodes mean more premium amenities, which subsequently contributes to a better quality of life. In this case, the best buy is the new buy!
9. Surgical Strike:
Another factor to consider is that while real estate is a safe bet, it’s also a highly competitive market. The land is always in demand, and it’s also finite in supply. While you’re almost guaranteed to find a place for rent that fits your requirement sooner or later, buying a home depends on the current real estate scenario in the city. The perfect window to buy a house at the best price might be concise, and it might be now. So if you have the means, and the market is favorable, don’t hesitate to buy your dream property.
10. Shifting Gears :
When you buy a property, YOU decide what to use it for. You could convert it into an office space or even a coaching center, as long as it is according to the protocol associated with the place. Property bought is dynamic and offers flexible roles, unlike property on rent which comes with very stringent rules.
Buying a house is a pipe dream for many people, and it’s even better when it is the optimum choice for a lifetime investment. So if you’ve been eyeing luxury apartments in Chennai, do your background checks and work towards buying one, and own reasonable life.