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10 Reasons Why Buying a House is Better Than Renting in Mumbai

10 Reasons Why Buying a House is Better Than Renting in Mumbai

A ‘dream home’ is where you make memories; it gives you a sense of security and comfort. A dream home is an abode you can call yours, unlike rented accommodation. It is a place that you can decorate as per your whims and fancy. When the home is yours, you’ll experience a sense of completeness. There are many options available for rented accommodations, but can you call a rented house your home?

Buying a house is any day better than renting. The realty sector has seen its share of ups and downs. At one point, indeed it was difficult to buy a flat in Mumbai because of the surge in prices.

But, in the past two-three years, there has been a considerable decline in prices, and houses are much affordable now. If you are still contemplating, what is better – renting or buying a house, then here are 10 reasons why buying a house is better than renting in Mumbai.

1. Emotional Security

When you buy a house, you are emotionally secured. You know that this is your space, and you can have an amazing time with your family. After a long day at work, when you return to your house, you feel that comfort and security. There is no place like home, and you’ll surely not regret buying your abode.

You don’t have to worry about paying added rent every month. You’ll be able to give your loved ones a happy home that’ll surely make you joyous. Shapoorji Pallonji Vicinia project is the ideal dream home for you.

2. No Compromise

When it comes to buying vs renting a house, buying is indeed a better option, as you don’t need to compromise on amenities. When you look for rented accommodation, you have to compromise on amenities including the location.

But, while buying, you can consider all the aspects. As a home-buyer, you’ll consider the apt location, size of the flat, and the amenities that the project offers. Here, Vicinia Shapoorji Pallonji is a place where you don’t need to compromise, as you’ll get access to (almost) all the features you are looking for.

3. Complete Privacy

When you buy a house, you are the sole owner. So, there is the privacy you need. There is no interference with the landlord on minor and major issues. In a rented apartment, you need to rely on the landlord for repair, water, and electricity issues. When the flat is yours, this will change. Even if you need to carry repair work in your home, you won’t need any permission. The privacy that you’ll get will give you peace of mind.

4. Easy Finance

This is the main reason why buying a house is better than renting. Today, you can buy a flat in your 20’s, you don’t have to wait to accumulate wealth till your 50’s. That is the biggest advantage.

Most banks and financial institutes offer home loans on easy EMI’s. If you earn well in your 20’s, you can purchase a flat by taking a home loan. And by the time you are in your 50’s, the loan will be paid off. There is complete flexibility and transparency in finance options available. You can buy a 3 BHK flat for sale in Chandivali in Shapoorji Pallonji Vicinia on loan as well.

5. Savings

Do you think it is easy to save money in a city like Mumbai where the rent is so high? Half of your income can be consumed in rental accommodation. When you buy a house, you save good money.

You don’t have to pay high rent per month. Buying a flat is much affordable than renting. With an easy finance option, you’ll be able to save a fixed sum if you buy a house. Use an online rent vs buy calculator and figure out the savings you can make per month.

6. Tax Benefits

Home loans and EMI both are liable for tax benefits. The rent you pay per month on rental accommodation has no tax benefits. So when you buy a flat, you’ll get tax benefits along with ownership. It’s better to buy a flat taking a home loan, then paying for rental deposits and rent per month. Rental accommodations are expensive so buying a house is indeed a feasible option.

7. Appreciation Value 

The price of the flat depends on the real estate market. During a slump, there can be a decrease in price. But there can also be an increase in rates when the real estate market booms.

An apartment or flat price can get you a good appreciation value. In Mumbai, the appreciation value of flats has increased by five folds in the last ten years. It is an advantage if you buy a flat, as that’ll also double up as an investment you can rely on when the prices increase.

If you are looking to invest in residential projects in Chandivali, Mumbai, then Shapoorji Pallonji Vicinia is the best option.

8. An Investment Option

Most people can’t decide what is better – renting or buying a house. But, buying a house as an investment option is also feasible. If you invest in gold, stocks, and funds, then its time you invest in property too. Property is the most valued asset you’ll invest in. You’ll be able to sell it off when you need or rent it out depending on the situation.

9. Ownership

If you buy a house, you’ll be the owner of the house. You’ll be able to design and decorate according to your taste. There will be no restrictions and rules like a rented accommodation. There’ll be complete freedom, and that’ll surely make a difference.

10. Fixed Costs

Unlike rent, you don’t have to pay extra every year. If you opt for finance for buying your house, then the EMI is fixed for years. This also benefits you and helps you save your money.

Conclusion

If you are looking to buy your dream home, then there are many options available in Mumbai. 3 BHK flat for sale in Vicinia Shapoorji Pallonji, Chandivali will let you experience the magic of dream home. It’ll be a home that you can call yours forever. It is better to buy a house, so do call for the price today.

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