If you choose between renting a flat and purchasing an apartment in an area like Green Avenue flats in Faridabad, you should always choose the latter. Purchasing an apartment, even if it is one of the affordable flats and apartments in Faridabad, is a big issue since you must pay millions of rupees to own the property. If you’re still undecided about whether you should purchase an apartment or rent a house, you must read this blog attentively. We have outlined some fundamental reasons why buying a home is preferable to renting an apartment.
Increase in the value of a property
While the housing market is highly turbulent, a glance at the historical trend will show that the property’s value has increased substantially faster than any other long-term investment choice over the previous few decades. India’s population is expanding, and many people are moving from rural to urban areas searching for work. All of these folks desire to live in houses. As a result, if you buy a property now, you will be able to sell it at a significant profit in a few years. You may also increase the value of your home by making changes or remodelling it to make it more appealing to live in.
Simple house loans and tax breaks
If you have a fixed income, securing a house loan has gotten much more straightforward. Almost all nationalised banks and other financial institutions may provide you with a house loan at a very cheap interest rate of approximately 7% in order for you to purchase the apartment you desire. Another appealing element of a house loan is that you may return it in 30 years, giving you enough time to reorganise your finances, pay small instalments without impacting your monthly budget, and eventually acquire an apartment. Furthermore, the premium you must pay for your house loan is tax deductible, with a maximum claim of 1.5 lakhs on the principal sum. As a result, you have several advantages while using house loans to purchase your ideal apartment.
Emotional safety
If you live in a leased apartment, no regardless of how much you pay your landlord each month, at the end of the day, that flat belongs to him, and you must depart it after a certain length of time. On the other side, purchasing your apartment provides you with the mental stability of knowing that no matter what, you will live a tranquil and stable existence rather than a nomadic one.
