Why should You Buy Property in Chennai Instead of Renting?
- By Admin
- Nov 14, 2018
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As one of the biggest centres of culture and economy, Chennai makes for one of the best locations to reside within the country. Offering a plethora of amenities in terms of jobs, education, healthcare and tourism, the city most definitely adds to the advantages of the dwellers.
It is the presence of these factors and more that has contributed towards making Chennai’s real estate market as vast as it is. Over the years, there have been significant additions to the number of properties for sale in Chennai, giving homebuyers quite a lot of options to choose from. Apart from all of the above, property rates in Chennai have experienced fluctuations too. This is due to the changing economic scenarios within the country.
At the end of the say, buying a property is a big decision which requires a lot of capital. However, it still is better than renting property. Wondering why? Keep reading for the answers:
In real estate, the value of a property can change drastically over time. There are a lot of factors, right from location to amenities as well as economy that regulate the property rates. This also places real estate among the best investments that there is. The value that you pay for a property now is likely to double and triple in the future. Add to that the fact that real estate investments are safer than many other options makes it even more viable.
You gain equity
Unlike renting, wherein the price that you pay earns you the right to occupy the property, buying earns you equity annually, as the value of the property keeps rising. Equity, in general terms, refers to the market value of your property and the outstanding loan amount. It is the amount of money you would be left with if you were to sell off your property and pay off your loan. Equity is an asset which is represented in the total figure of your personal net worth.
You get to enjoy tax benefits
Owing a property in Chennai will gain you tax deduction every year. The simple theory involved here is that the property tax and interest on your home loan will get deducted from your gross income, leaving the taxable amount of your income lower than usual.
This can also be put as the government indirectly subsidizing your purchase when you invest in property. You will find in the long run that buying a property in Chennai is actually a lot cheaper than renting one.
Stability in personal property
The thing with renting a property is that you reside at the will of the property owner. They could ask you to vacate the property any time in the course of your stay, and you will have no option but to leave. The procedure for the renewal of lease on rent agreement requires a bit of hard work too.
However, if you were to buy a property for sale in Chennai, you would gain stability, meaning you can stay without any interference or impending risk of evacuation.
You can sell it if you want
Investing in real estate in Chennai, or buying a house to put it simply, can be a great asset to you. You can choose to sell off your property, let’s say in times of dire need or when the market value for the property is significantly high. However, the same cannot be said about renting a property.
Above all, buying a property brings to you the sense of ownership. You gain the freedom to make major decisions with regards to the same, be it adding something new to it or selling it altogether. Further, these property purchases might need you to make a lot more arrangements than renting will, however, the benefits that you stand to gain upon buying cannot be gained the other way.
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