Buying or leasing a house depends on various factors. As the real estate prices rise and fall frequently in India, it becomes difficult for the home buyers to decide whether to buy a property or rent it. It is necessary to do a complete research of the city’s property trends and to decide whether to buy or rent a property. The decision also depends on the individual’s financial condition. A wrong decision will lead to a huge debt or illiquid asset.Following factors will help you to decide whether to buy or rent a house in India: High Property prices:In cities like Mumbai, Delhi, Chennai , Ahmedabad the property rates are touching the sky. Therefore it makes it difficult for the buyers to buy a house. Renting a home is a wise decision. Due to the rise in the property prices, Mumbai is witnessing higher demand for rental properties. The rental rate in Ahmedabad is quite stable, so it is better to rent rather than buying a property.Low or steady property prices:Cities like Pune and Hyderabad have stable property prices, so it convenient to buy a house in these cities. These are the neutral cities for property investment. You can either buy or rent a property according to your convenience. Though Bangalore being a metropolitan city, the property prices is quite less as compared to other tier I cities. Therefore it is advisable to invest in a property. In fact the rental rates in Bangalore are very high as compared to the property prices. Even Hyderabad has cheap property prices and continues to be an ideal property buying destination.Financial condition:Buying or leasing a property also depends on the financial situation of a person. If a person is financially strong then he can buy the property even if the prices are high. In cities like Chennai, Delhi, Gurgaon, Faridabad, Pune the investors can decide on the basis of their financial situation.Duration of your stay:One of the factors to be considered while buying or renting a property is how long you are going to stay at that place. If you are shifted to particular location for job or educational purpose then it is advisable to plan on the duration of your stay and to take the decision. If you are staying for a short span then you rent a property rather than buying and paying home loans. If you are looking for long term plan then you can buy a property.Disposability:As a large amount of capital is invested, it is difficult to dispose a house. Invest in area that has strong infrastructure facilities like connectivity, schools, parks etc. Rather than getting stuck with an illiquid property that is not easy to dispose, it is better to rent a home.Therefore it can be concluded that, if the property prices are high then it is prudent to rent a property rather than buying. Buying or leasing a property depends on the individual’s choice and the above factors. Based on that you can take a wise decision.
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