A significant percentage of the middle-income group in India is confused when it comes to housing. "Buying or renting a house in Pune?", This question often lingers in the mind of the home seekers. Evergrowing migration of IT population in Pune has resulted into rising demand for homes, whether it is for buying or renting. While some of them prefer to buy a home, a few portions continue to stay in the rented house.
Indians are inclined towards owning a home rather than staying on rent. There is pride in being an owner of your dream home. Although, it is not applicable to everyone, there are umpteen reasons why. Firstly, your own house will bring higher returns as compared to your mutual fund portfolio. For many of us, the very notion of owning a home is an unattainable dream, mainly because of financial constraints. The issue over buying or renting a house becomes even more complicated in a developing city like Pune, where property prices are rising exponentially.
Advantages of Buying a Home
One of the key perks of owning your home in Pune is that you have an asset that will surely appreciate over the time. It gives the owners a sense of financial security. The future generation can also enjoy the benefits as the house can later be used as collateral to buy a second home.
If you buy a home by securing a home loan, you are entitled to get tax benefits of up to Rs. 2 Lakh under section 24 when the property is self-occupied. The principal amount repayment of up to Rs. 1,50,000 is eligible for deduction under section 80C.
Scalability for Renovation
Unlike tenants of rented apartments, homeowners are not restricted to make any changes in the house. They can renovate the house to look it appealing and comfortable. Whether you want to retile your washroom, paint your bedroom, rip up carpet or pull down a wall, you can do everything without any limitations.
Mental Peace/ Satisfaction
Reiterating, owning your own home bring a sense of pride and sheer satisfaction. You tend to feel more connected to the community, as you feel you own a small share of it.
We can not deny the fact that there are some cons to buying a home as well. Cost of ownership (property tax, annual maintenance of the property, society maintenance cost), interest repayment are to name a few. However, the pros of home buying outweigh cons. Thereby you can think of buying a home in Pune, especially in the developing areas like Wakad, Hinjewadi, Ravet, Tathwade, Baner, Balewadi, Wagholi, Kharadi, etc.
Real estate in India is a promising avenue for investment for those who want to grow their wealth in the long term. The emergence of the Real Estate Regulation Act (RERA) has proven to be a game changer in the industry as the act has brought transparency and reliability in the market.
Renting a house is suitable for those who keep on relocating from one place to another for the sake of their job. When you are unsure about your job stability, it makes sense to opt for renting a house.