Rental or Outright Purchase, What Should you Do?

When it comes to homes, this is one question that plagues many people. It is certainly not an easy decision to make, what with the cost of flats for sale in Calicut so high these days. Here are some things to keep in mind:

Here are some things to keep in mind:

• Regardless of how many months you pay rent, the flat will never be your property. But when you purchase an apartment in Calicut, regardless of how small it is or where it is located, it will be yours, and you will have a sense of security in owning your own home.
• The landlord can increase the rent every time the lease or rental agreement is renewed; you may end up paying exorbitant rent which the landlord may demand because they know you need the place.
• There is no security; the landlord may ask you to vacate the property or not renew the lease
• If you never purchase a home, you will have to keep searching for a place to stay throughout your life – you will never have the feeling of having settled down. A nomadic life is ok if you’re by yourself, but if you have a family with older people or young children, life will be very difficult when you have to keep moving home frequently. With children you need to consider their education – you will always need a place not too far away from their schools, so you may end up paying premium rent for that; with senior citizens, you would need healthcare facilities close by. If you have purchased an apartment, you would have obviously looked into all these factors; you’re set. But if it’s a rental, you have to look out for all these facilities every single time!
• You will not be able to make modifications to the apartment as you are not the owner. You may end up living in places with uncomfortable layouts, or even homes in a state of disrepair. In most cases, you need the landlords’ permission even to make repairs. Where the contract specifies that the property maintenance will be carried out by the landlord, they may delay doing so to save money.
• You also need to consider your financial situation: do you have the resources to buy an apartment? Will you be able to get sufficient loan to do so? Consider your combined family income and your expenses, and you will be able to work it out. Even if you have to take a loan, remember that there will be a day when you pay your last EMI and the property will be yours; with rental property, you will pay rent your entire life without owning the apartment!

It always makes sense from the point of view of security to purchase; if you’re looking for a flat in Calicut, check out our premium 2 and 3 bedroom flats here. Call us now on +91 9847 33 22 44 to know more.