When it comes to buying or renting affordable flats in Gurugram, we look at what makes more sense in long term and the factors that affect the same.

A large population is in a dilemma whether they should purchase a flat or survive on rent? From a long-term perspective, renting an apartment cannot be considered the best option as you might end up compensating more than the actual cost of the apartment. When the rent prices are shooting up high, you must go with upcoming projects of affordable flats in Gurgaon where you get an amazing apartment at the best affordable rates and amazing facilities.

If you’re planning to shift to a place for a limited period, you can purchase an affordable flat and rent it once you’re done staying there. This would get you a temporary place and act as a source for permanent income at the same time. Gurgaon is quite an expensive city when compared with cities in its suburban and this is one of the major reasons why people hunt for flats to rent rather than purchase. But little do they know that affordable Flats in Gurgaon are a better choice of all. Several real-estate developers such as MRG World have come up with various affordable housing projects in Gurgaon.

The advantages of owning an affordable flat in Gurgaon over rental accommodation are as follows:

1. Sense of Security

Owning an apartment provides a sense of security for the owners. It perhaps additionally provides mental, emotional as well as financial stability for the long-term.


2. Tax Benefits

If you’re the owner of a home, you can gain a rebate on property taxes that you pay. You can also deduct your EMI. Property tax deductions and mortgage interests can empty your pocket in a span of few years. But, you’re you a tight budget, purchasing affordable housing in Gurgaon can assist you in opting for multiple schemes such as Deen Dayal Jan Awas Yojna (DDJAY), Delhi Development Authority Housing Scheme (DDA), and Pradhan Mantri AwasYojna (PMAY) during purchasing properties for decreasing the rate of EMI you pay for it.

 

3. Time Efficiency

If you’re planning to stay for a longer period in the same place, purchasing a home can save you big time. It can save lakhs of rupees that would’ve drained on rent. Do not hesitate to buy a home if you’re anticipating high rental income in near future. Usually, in Gurugram, average rental income ranges from 1%-3%.

 4. Long-Term View

Experts have suggested that the youth prefer to purchase a home if their decision to living in the same city is confirmed. As the day passes by, their annual income will take a rise and EMIs take less proportion of their salaries. Simultaneously, a property rate goes up from time to time. After a certain time, apartments in the same locality would cost more money.

 

The advantages of Rental Accommodation of affordable flats in Gurgaon are listed as follows:

1. Maintenance

One of the major benefits of rental accommodation is that there are no repair bills or maintenance cost of it. When you’re looking forward to renting a property or an apartment, your landlord becomes responsible for all sorts of maintenance, renovation, repairs, or developments. If there are problems in the infrastructure of the home, it is the landlord’s responsibility to get it fixed.


2. No Taxes on Real-Estate

Tenants on rental have no responsibilities of paying real-estate taxes either. Real-estate tax is a heavy burden for the landowner that varies from state to state. In some states, it costs several lakhs.

 

3. Flexibility

Rental accommodation in Gurgaon doesn’t concern with the real price of a property. In case of high rentals, you always have a flexible option of moving into another affordable housing in Gurugram, Homeowners find it expensive to sell huge homes due to heavy investments. The rentals are supposed to pay a fixed cost every month. Additionally, the renter’s insurance policy is extremely low in many areas.

 

4. Low-Cost EMI

In most of the places residing in Gurugram, properties worth lakhs are available at 10k-20k for rentals whereas if you buy your own home on EMI, it would cost you around 25k-40k monthly which might not be affordable for everyone.

 

5. Standard of Living

Once you rent or buy a home, you crave a stable and secure life. Every month, a certain amount is debited from your EMI account. Rental accommodation springs you a good standard of living to move to different places.

 

It all depends on your need, budget, office location, etc. In general buying property is always a great investment option in the long run. Observing the market circumstances, take the nosedive if you are looking from a long-term perspective and invest in affordable housing in Gurugram to earn better yields.

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