KNOW WHETHER TO RENT OR BUY A HOME IN THANE

Residential property
Renting or Buying a Home

The decision of buying or renting a house is more subjective than generic. Everyone would love to own a flat of their dream. A lot of factors need to be considered before buying a flat in Mumbai.

Many people have their own house but prefer to stay on rent to live a better lifestyle for the same expense. But owning a home can also give you a disadvantage of less flexibility, when it comes to relocating.

Renting may not always be a waste of money. And buying a residential property in a city may not support many people because of financial reasons and therefore, prefer to rent a home. The various advantages of renting like, flexibility i.e. you can easily locate from one residency to another once the agreement expires, no maintenance cost, repairing costs, insurance bills etc. It is the owner of your house who will take care of these things.

All the above mentioned points may give rise to few questions in your mind like, should I buy a house or rent a house? Which is the better option, renting or buying?

Both buying and renting a flat, have their own pros and cons. Therefore, checking out your finance condition is very important to decide upon, whether to buy or rent a house?  Some important factors that you should look on are, monthly salary, existing loan expenses, expected rent for the property depending on the locality and expected EMI from the same home.

Thane has witnessed unprecedented changes in the recent years on the residential and commercial front. Being one of the vital and busiest suburbs of the central side, the progress of the city can be credited to the infrastructural development. An alternative option for personnel’s who could not afford to buy a house in Mumbai, Thane today is not only lucrative option for buying property but also tops the chart for home buyers in Mumbai.

With rapid development of social infrastructures and higher ROI (Return on Investment) Thane today is among the top investment destinations in the country. Today residential and commercial properties in Thane are par with International standards and the presence of the industrial belt is also the driving force of the growth in Thane.

Thane, located centrally is very well connected via highways ensuring excellent connectivity to the suburbs. With the development of infrastructures such as the Santacruz-Chembur Link Road etc. the travel time between Thane-Mumbai and Thane and Navi Mumbai to 25 minutes from the earlier 40-45-minutes, making travelling convenient. The upcoming metro will make commuting easier than before.

According to a research report, from the last three years in Mumbai the property rates have increased by 49.87 percent and rentals have elevated by 13.07 percent. Investing in such a rich city is not that easy and affordable, but some areas like, Kalyan, Thane, Mira Road have properties that middle class buyer can invest in.

Various developers in Thane like Raunak Group offer affordable flats in Thane with price starting from INR 45 Lakh onwards. Raunak Tulip located at Ghodbunder Road Thane west offers 1 BHK flats starting from INR 45 lakhs. Raunak Heights is an upcoming residential project in Ghodbunder Road Thane offering 1 BHK with price starting from INR 49.50 lakhs. With the growth witnessed in Thane, these residential properties can be invested in especially for the mid income group. Other developers that offers affordable housing in Thane include Runwal Group, Damji Shamji Group, Vijay Group and many more

If you are looking at an indulgent lifestyle, thane will suffice your need in the most apt way.  Whether affordable segment or Luxury segment Thane has lot to offer. Thane today is emerging as ideal choice for luxurious apartments. Today luxury is not defined by an address alone. Luxury today encompasses grandeur avenues which includes green spaces, apartment sizes, amenities offered etc. With every increasing demands for luxurious apartments, eminent builders in Thane viz: Lodha, Kalpataru, Wadhwa (more developers in thane) etc. provide the perfect blend of state of the art amenities with picturesque views of nature.

For eg : Rustomjee Azziano located at Majiwada Thane offers 70% green spaces with luxurious 2 and 3 BHK flats. With close proximity to Thane and Kalwa Station all conveniences under one roof Rustomjee Azziano is the perfect abode.

Piramal Vaikunth 2 located at Balkum Thane offers luxurious 2 and 3 BHK flats with price starting from 1.76 cr. Spread across 32 acres of land this residential project will encompass an Iskcon temple in 3 acres with state of the art amenities which includes gardens, clubhouses, gymnasium etc.

If you’re a job on which involves city hopping, it’s best to rent out a flat. Thane being strategically located offers immaculate connectivity to the Western and Central Suburbs. 1 BHK residential properties in Majiwada Thane can be between INR 16,000 to 20,000. The maintenance cost will be nil as it will be taken care by the owner.

A 1 BHK residential property in Majiwada starts from INR 70 lakhs. For eg: You decide to purchase a flat in Majiwada and the loan amount taken by you lets presume is 40 lakhs. Considering the EMI 1000 per lac the loan amount can amount to INR 40,000 a month for 10 years. However this amount can differ depending upon your existing income as the number of years can be extended. However increasing number of years means increasing the interest aid as well.

Apart from INR 40,000 there will be society maintenance et al. It will be advisable to opt for a rental option in Majiwada Thane.

You can check out multiple localities in Thane viz: Kolshet Road, Majiwada, Ghodbunder Road, Balkum, Manpada etc.beforing finalizing on renting or buying a property. For buying a property it is advisable to opt for a advisor due to their in depth market understanding.

Analyzing financial aspects and expected returns is all that one has to make while buying or renting a residential property. And to avoid financial pitfalls and stress free buying or renting a home, calculate all your finances well.

11 Comments

Leave a Reply