Prestige Marigold<\/a> in North Bangalore are easy to purchase and come with a lot of amenities and a great society.<\/p>\n\n\n\nKey Factors Involved In Buying A Home<\/h2>\n\n\n\nHIGH RENTAL COSTS<\/h3>\n\n\n\n In vibrant cities like Mumbai and Hyderabad, where rent is expensive, home-buying trends are particularly prevalent. <\/p>\n\n\n\n
These cities have high monthly rental costs, making it challenging for typical middle-class homebuyers. In simplest terms, the average EMI is equivalent to the typical monthly rent. Therefore, compared to renting a property, purchasing a home is the more economically efficient option. <\/p>\n\n\n\n
The number of homebuyers in these capital cities has increased due to the expansion of affordable housing options in outlying areas of the city. It provides reliable connectivity while requiring less money on average. <\/p>\n\n\n\n
In some cities, rental housing is also common, but only in nice neighborhoods that are close to the city. The cities that give homebuyers more precedence include Bangalore, Delhi, Pune, and Hyderabad. Rental homes are typically preferred by the working migrant population over home ownership.<\/p>\n\n\n\n
In a city like Mumbai, the cost of homeownership is too high compared to renting a house. For instance, the cost of the average rental of a 2 BHK unit in Mumbai\u2019s Bandra (West) is Rs 70,000 \u2013 Rs.90, 000 per month.<\/p>\n\n\n\n
The cost of buying a 2 BHK unit with a built-up area of under 700 sq. ft. (i.e. Rs 34,000 per sq. ft.) is around Rs 2.4 crore. <\/p>\n\n\n\n
The average EMI for this amount is nearly Rs. 1 lakh. If you are locked in for 20 years due to a home loan, it is not the best choice. Instead, a city like Bangalore may be the best choice for buying a home.<\/p>\n\n\n\n
HOME LOAN AT EARLY AGE + DREAM HOME = STRESS-FREE RETIRED LIFE<\/h3>\n\n\n\n With a mortgage loan, purchasing a home appears possible. People take out large loans, which result in large monthly payments for EMIs. The savings are stretched as a result. <\/p>\n\n\n\n
The key element is that you should start saving for your retirement at a young age, between 28 and 33 years old so that you have the energy and time to manage your EMI for a long time.<\/p>\n\n\n\n
The interest on a 20-year home loan with a principal amount of Rs. 1 crore and an annual interest rate of 7 percent comes to almost 1.4 crore, which is greater than the total amount of your loan and property taxes. <\/p>\n\n\n\n
These figures are difficult to ignore. Renting, however, is profitable or not depending on the interest rate and loan term. Over time, land costs will also skyrocket, driving up the price per square foot in some areas unfairly.<\/p>\n","protected":false},"excerpt":{"rendered":"
It might be difficult to decide between buying and renting a home. Most Indians favor homeownership over apartment living. Both sides have clear advantages and disadvantages. This review’s objective is to analyze both possibilities. Pros & Cons When You Rent A Property Returns On Renting The only savings will come from mutual funds or other […]<\/p>\n","protected":false},"author":1,"featured_media":1409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Renting vs buying \u2013 which is better? - Prestige Marigold<\/title>\n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n","yoast_head_json":{"title":"Renting vs buying \u2013 which is better? - Prestige Marigold","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prestigemarigold.in\/renting-vs-buying-which-is-better\/","og_locale":"en_US","og_type":"article","og_title":"Renting vs buying \u2013 which is better? - Prestige Marigold","og_description":"It might be difficult to decide between buying and renting a home. Most Indians favor homeownership over apartment living. Both sides have clear advantages and disadvantages. This review’s objective is to analyze both possibilities. 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