November 25, 2020 | Uncategorized | 1 Comment
Buying a home and becoming a homeowner is a life goal everyone has. The problem is, to fulfill the dream you would have to throw away a lot of money to buy a home. The prices of residential property in Goregaon and other suburbs is one of the biggest reasons the rental industry is so prevalent in Mumbai. The argument against buying is strong but people are now understanding why buying is more beneficial in the long run. If you are still confused about whether you should buy an affordable luxury home in Goregaon or rent a residential property in Goregaon; read on.
Buying a house is not an easy decision by any stretch of the imagination. People buy affordable luxury homes in Goregaon because of the sense of security they get along with it. Other than a sense of security of owning the apartment you also get a sense of pride. When you rent a residential property in Goregaon you are paying for something that you don’t own and doesn’t create an asset for you. You might argue even if you were to buy the house and pay EMI you are paying to say like when you are renting. However, paying EMI increases your proportion of ownership of the house while also giving you a month of shelter. You are creating a physical asset when you pay the EMI for the house.
When you rent a residential property in Goregaon you don’t have a permanent place where you can stay and are always on the move. When you consider the amount you spend on packers and movers every year the EMI seems to be the cheaper option. Not only moving but the deposit that you pay and everything else about renting makes it a lot more expensive. The money that you are paying as rent isn’t an asset that will get you more money later but the money is all lost with nothing to back it up. When the time comes for you to move you can sell the house for a massive profit. Buying gives you a big boost in money once you own the property and gives you a proper place for you to settle down rather than being a nomad.
If you are renting a residential property in Goregaon you are just paying to stay under the roof and getting nothing in return. You don’t truly own the property for the duration you are staying there. This means you cannot make changes to the house that you are living in. you cannot make the house feel yours. Additionally, you can even see an increase in your monthly rent with short notice. You spend all that money which is just money spent on nothing. If you have a landlord who has kept it old-fashioned in the house you will be stuck with that decoration, unfortunately, giving your house an out-dated appearance. You don’t even get to improve your credit score while paying rent. This makes buying affordable luxury homes in Goregaon an even more lucrative option.
However, the problem with buying is you cannot get up and leave. If you don’t like the neighbours or the locality you are stuck there. Becoming bored with where you live is a real phenomenon and in that case, you are truly stuck. The more money you spend the harder it will be for you to give it up, like if you bought a luxury apartment made by real estate builders in Goregaon it would be harder for you to just get up and leave compared to a normal house. You would also be paying huge sums of money as the down payment for the house which will hurt your bank account a lot.
Now you know the facts behind renting and buying and whether you should Buy affordable luxury homes in Goregaon or rent a residential property in Goregaon is for you to decide now.