It is a well-known fact that we always tend to move towards saving some properties for our future generation. Few invest in the form of money, few in the form of jewels and most of us wish to invest in land/house. Nowadays, we prefer to settle down in cities where there are increased job opportunities. The life style also attracts us towards it.
Especially, Chennai, Bangalore and Hyderabad are the trending cities in which people wish to settle down. There will always be a dilemma whether to buy a house or to go for a rental one these cities. This is an article that analyzes both the ways of settling down in your favorite city. Let’s go into it right now.
The benefits of opting for a rental house in Chennai/Bangalore/Hyderabad:
One factor which is common among the above three cities is that they are all major IT hubs. These are the cities where IT companies choose to establish themselves in. This factor has in turn increased the population to an unbelievable range. Some people want to work in the same company and in the same city for their life time whereas some companies do not provide such options.
They always transfer their employees to different branches and in some cases, the person does not want to stay in the same company. For such people, rental house will be a better option. Whenever they want to migrate, there will not be any problems regarding winding up the house immediately. Also, when we find it difficult to stay in a particular rental house due to internal inconveniences or some other problem like water scarcity, we can easily shift to another convenient house any time.
The most important reason that city dwellers prefer rental one is the distance between their work place and home. If they go for a rental one, they can prefer the nearest house where spending more time on travel can be avoided which is an ordeal in the cities.
Since maintenance charges are mostly included in the rentals, the landlord or the housing society takes care of all payments like electricity, water etc. Occupation of a rental house is hassle free.
This is the practical and affordable option for bachelors and those who work in the cities staying alone whose family resides elsewhere.
Reasons to avoid rental house in Chennai/Bangalore/Hyderabad:
Rent in these ultra-modern cities is really exorbitant that a normal man cannot afford. Major part of the income goes off by paying the rent and there will always be an annual hike.
Even after paying such a rent, we can’t expect the facilities to be up to the extent. Issues like water scarcity, relationship problems with the house owner (especially when we fail to pay the rent on time), sometimes transport issues, etc keep on threatening us.
One more major issue is the indemnity bond. We cannot move out of the house till the bond period expires. If we want to, we have to pay the amount that the owner has mentioned under the terms and conditions bond. This will be considerable loss. Sometimes we may wish to continue in the same house even after the bond expires but the owner may not consider allowing us to continue.
Why is it beneficial in buying a home in Chennai, Bangalore and Hyderabad?
“I still think buying a home is the best investment any individual can make”.
This is a quote by John Paulson that can be applied to many of our lives. Every individual would have come across this thought at least once in his/her life time. Investing in a house is one of the best investments ever, as it has its own benefits. Let us have a look at the benefits of you buying a house in cities like Chennai, Bangalore and Hyderabad.
- These are the top cities that hold major number of realtors. This reason gives us a wide range of choices in the selection process of buying a home.
- There are options for us to buy a home that we can afford.
- Buying a home in cities is really a good investment. Even if we are not going to live in it, we can give it for rental purpose, which becomes another income that helps to handle at least a part of EMI.
- Staying in rental house is like helping others in their investment. But buying a home and paying EMI is an investment for us.
- No worries about migrating from one house to another after the expiry of indemnity bond period.
- Nowadays, there are so many facilities coming along with our own house like swimming pools, libraries, stores, ATMs, schools and so on.
- We can opt for the house that has proper transport facilities and that is nearer to the transport stations.
- Most of the apartments, villas or individual houses has at least one hospital facility that is easily reachable at any time which has become the essential part of our life today.
- Best option for those who want to stay in the same company and wish to settle down with the family.
Problems that make us think more in buying a house:
- Real estate values have reached its highest level that many single income families fear to even think of it.
- Buying a home includes monthly payment of maintenance fee, EMI, car-parking charges, charges for extra facilities and so on. So one should think more before stepping into the process whether he can maintain such expenses or not.
- When there comes a mandatory situation to migrate to another city/country, there comes the major issue whether to give the house for rental or to sell it or to keep it closed.
Chennai, Bangalore and Hyderabad are the cities that have adopted a modern life style which does not suit everyone. But people choose the cities as their work place as there are so many opportunities to develop themselves and save as much as they can for their future which is a drawback in other parts of the cities especially in the villages and under developed cities. Both options have their own advantages and disadvantages. It is a choice to be made based on individual choices.