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Rent vs Buy : Should you buy a new home or just keep renting in 2017? [Infographic]

The common question that the first time home buyer poses is should he buy his own or stay on rent? The choice between buying a new home and keep renting is always among the biggest financial decisions an individual make. To help you answer this question, here we simplify which is a better deal.

For the years, becoming a house owner has been an essential part of an individual dream. Most of the young professions at the age of 20’s and early 30’s wish to have their own house now. So, it is very clear that owing a home is usually a smart decision, particularly when you are going to stay in an area nearby workplace. But it has everything to do with your own financial situation. Sometimes, buying a new home is the smart thing to do; other times, it really isn’t. Whether or not it’s smart for you will depend on a few different factors. Let us understand this through infographics taking you to the real situation and decide which one is ideal.

Meet Pallavi and Rishi who are on two different life paths but they keep same fate for real estate segment. Pallavi decides to stay with parents, so that she can buy own home. She thinks, It might take a couple of years. On the other hand, Rishi thinks that the process of buying home is tedious affair, so, I will keep renting. After five years Pallavi checks her financial situation and the true cost of HOME OWNERSHIP at happykyes and estimated her buying capability through Rent Vs. Buy Calculator….

rent vs buy should you buy a new home-or just keep renting in 2017
rent vs buy

 

delhi NCR

Looking beyond the Grade A Developer

Targeting smaller builders may give you more value for money than bigger real estate names. It is easier to dispose properties in the mid-segment due to lower ticket sizes.

With expansion in the mid-income population, there has been a rise in demand for midrange housing options across Delhi-NCR. This has led to a marked increase in the number of developers jumping into the fray with new launches, making the market competitive.

“Mid-segment housing is an excellent choice for investment for several reasons. Firstly, though it may seem that the new launches in this segment are fairly high, there is still a big demand-supply mismatch in the category. The size of the middle-income population is increasing at a faster pace across the country, and the city attracts a sizeable portion of middle-income earning segment keen on investing,” says Naveen Nandwani, executive director, Cushman and Wakefield.

“Secondly, the current capital values are attractively priced and there is an upside potential. Thirdly, in comparison to the high-end segment, it is easier to dispose properties in the mid-segment due to higher demand and lower ticket sizes.”

Dominated by several mid-segment builders and developers, the pricing is also competitive.

“Not all home buyers plan to use a swimming pool or a club house regularly. Also, there a large segment of smaller developers who offer greater value in terms of larger interiors, strategic location and even features such as more greenery and use of alternate energy such as solar power,” says Nitesh Himani of Himani Properties in Noida. “Similarly, investment in water purification for surrounding green area and individual water meters so that you pay for only what you use and not a share of the total water consumption tend to add value.”

Affordable luxury

There are several builders, though not classified as grade A, who have forayed into the luxury segment. In fact, several lesser-known developers in Gurgaon have made this significant jump in offerings.

“No builder in Gurgaon today wants to be termed as low-budget or mid-segment developer,” says Sanjay Sharma, director of real estate brokerage firm Qubrex. “Buyers are being offered innovative design themes, international architecture and world-class facilities at prices lower than ultra-luxury projects. This has accelerated the demand for such projects to a great extent as the buyer can experience luxury which fits into his or her pocket.”