Buying or Renting Property in Mumbai: What’s best?

Generally, you have limited options to opt for once you think of living a life in Mumbai. The options are to buy a house or to lease it. Mumbai is a city of dreams here the property rates are extremely high thus even experts opine that you lease a house. Also, there are few points to consider, if at all you think of buying a house in this dream city. The first thing you must assess is the budget that you need to spend to buy flats for sale in Virar near Mumbai. You could also take a home loan; however, you’d need to pay a huge down payment. And, if you opt to lease, then there are things that you must know.

There are benefits for both buying a home and renting one. As it’s your hard earned money, it’s up to you to take a wise decision. Another thing that you need to consider is the location since it’s going to be a lifelong investment, your future plans need to be well-thought-out as well. Some benefits of buying home are:

• The price of a house always goes up in the years to come and in this way you built up a property of yours’. So this is a great benefit• Even when you start paying your loan amount, the principal and interest amount remains the same• Your house can be a great investment for you as you can leave it and give it up for rent. • By owing a house, you can decorate your interiors of your choice which you might not get to do if stay on rent

Benefits of living in a rented house are:

• The owner is liable for everything in a rented house including the maintaince charges and if anything, goes wrong, you need not bother• Relocation to any other city becomes quite easier and moving out of a rented house will never be a problem, if you get better career opportunities elsewhere. You are also not emotionally attached to the house.• You can be free from being an owner to a depreciating asset. There is no guarantee in the real estate industry. There is no surety about the enhancement of the price of your house over the time. Thus, with a rented house, you don’t have to worry about that

Along with benefits, there are drawbacks as well. Buying properties in Virar West or for that matter any property is a really big decision, thus make clear evaluation till you make the final decision. Look for the pros and cons of buying flat in virar, renting and consequently make a choice based on whatever fits your needs and budget.

Aakash has an in depth knowledge about the Real Estate Industry in India.He has a passion for writing articles on property in Virar and gives an in depth insight on Virar properties.