6 Factors In Favor Of Owning Properties
August 6, 2021
Chennai is emerging as one of the most sought-after destinations in South India with IT companies and automobile industries being the primary growth drivers. The world-class amenities and a robust infrastructure make the city very attractive to invest in the properties as well. In fact, the metropolis has some affordable options in the apartment as well as villa segments. Various suburban locations have been offering independent houses and low-budget villas in Chennai. Majority of such low-cost houses are located in areas such as Oragadam, Thiruvallur and Chengalpattu, along with some along the East Coast Road (ECR).
To own or be a tenant
When it comes to choosing between owning a property and staying in a rented accommodation, most people get confused as they are unable to make up their minds. Of course, the former option is slightly expensive but there are several benefits too. Some of the major advantages of owning a property are tax benefits, comfort and independence. So, in case people are stuck between owning low-budget apartments or villas in a metropolis like Chennai the following reasons will help them clear the confusion.
Good Investment option
The value of real estate, be it in Chennai or Bengaluru, goes up over a period of time, as land gets scarcer. This means if people choose low-budget apartments or villas in Chennai or Bengaluru now, then can expect high returns going forward. Property investment is quite safe, as it has little or no depreciation in value. In case of an appreciation in the value of real estate in the market, the resultant positive effect will reflect upon the properties as well.
Enjoy tax deduction
By owning a house you can easily enjoy a tax reduction every year. This is due to the fact that the interest on your home loan and property tax is deducted from your gross income, which would consequently bring down the amount of your taxable income. This makes buying a property cheaper in the long run than paying rent for living in someone else’s house.
Sense of stability
If you happen to be a tenant, the threat of being asked to vacate the property will always be higher. Even if you continue with your tenancy, the renewal of the lease agreement for the same can be a cumbersome process. However, when you own a property, a sense of security will be very much prevalent. There will always be an assurance that nobody is going to invade your privacy or ask you to vacate the premises.
Option of selling
Home is a valuable asset, and it can always be sold anytime when you need money badly. However, you won’t get this facility if you happen to be in a rented property. As a tenant you will be giving rent without any returns or benefits and you might get the security deposit you pay before possession subject to certain terms and conditions.
Develop a strong bond with the community
When you own a property, you are bound to feel more comfortable and develop a strong bond or attachment with the community around you, especially if you happen to reside in a spacious, gated community of villas and apartments. It makes you care for your locality, neighborhood, and community. This type of emotional attachment will be amiss if you are living in a rented property.
After considering these aspects, it can be safely said that owning a property is any day better than paying rent. Owning a property can be a bit expensive if the same happens to be in a metropolis like Chennai or Hyderabad. However, there are many low-budget villas and apartments in Chennai these days for people with financial constraints. So, always look to own a property as it comes with better future prospects.