When it comes to finding an ideal home for the long term, we always consider two factors that make better sense: living in a rented house or buying a new home.  People always think that a rental home costs less compared to owning a new home.

Although, every individual dreams of owning a home, the skyrocketing prices of residential properties have led people to go for renting homes, rather than buying a new home in Bhopal or any other city for that matter. Also if a person is definite about his future, certain about the town within which he will stay, and has funds for payment it’s highly recommendable that he owns his own house.

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Top Benefits of Home Ownership over Renting Accommodation:

• It forces savings within the sort of EMI payments which individuals in a very rented house would spend.

• It brings a sense of pride and security in homeownership.

• Value of home will appreciate over time and if you sell it you’ll earn an enormous profit off the sale.

• Owing ready possession flats in Bhopal bring greater freedom with zero restrictions of a landlord.

• Rentals could appear cheaper than EMI in brie, but it’s more than the cost of the house and rental cost cannot be recovered in the long term.

• Also no danger of a landlord can anytime tell you to vacant the house or restrict the number of years a tenant can occupy.

Case 1: Living in a Rented Home – Per month rent – 20,000/-. Appreciation each year 5%. Expected rent after 20 years – 40,000/- per month. Expected rent after 40 years – 80,000/-per month.

Amount paid in 40 years: 2.9 Crores.

Case 2: Owing to a House – Assumed home equity credit amount: Rs.40Lacs. Tenure: 20 years. Interest rate: 8.3%. EMI: 34200/-

The total amount paid in 20 years: Rs 82 Lacs. Rent amount saved by a homeowner who lives for 40 years (excess amount paid by the tenant in last 20 years) Rs 2.1 Crores.

Hence, the cost of living in a very rental property is much more than living in one’s own residence.

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About:

Agrawal Builders: It is a premium real estate development company in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.

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Current Projects of Agrawal Builders are Sagar Lake View Homes | Sagar Lifestyle Tower | Sagar Lake View Homes Phase-II

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