Choosing whether to continue renting or buy an apartment in Thiruvananthapuram is always a difficult decision. It is also true that, due to the high costs associated with purchasing a property, the majority of young people begin their lives by renting. People save money as they progress in their jobs and purchase their first property. This is the overall pattern that has been seen.
Choosing whether or not to purchase an apartment and when to do so is a personal decision. Property ownership in Thiruvananthapuram, on the other hand, is heavily influenced by financial, emotional, and societal forces. Continue reading to learn about the advantages and disadvantages of buying an apartment in Trivandrum and renting one, as well as which option makes more financial sense.
PROS OF RENTING AN APARTMENT
No maintenance cost
The biggest advantage of renting a home is that we don’t need to bother with maintenance or repair costs. This means that your apartment is responsible for all maintenance, renovations, and repair works. You can tell your landlord when an appliance breaks down or your roof starts to leak, and he or she will repair or replace it.
Flexibility and mobility
One of the most appealing aspects of renting is the freedom it provides renters in terms of where they reside. Young folks, particularly millennials, are more aggressive about their careers and where they want to live and are more likely to relocate. They can also take advantage of new changes (for career or personal development) and visit trendier and more fashionable neighbourhoods or locations that would not have been as inexpensive if they had to rent.
It also frees renters from being financially tied to a specific location, allowing them to relocate wherever they want next (as opposed to being a homeowner tied down by mortgages).
Most apartment complexes also include facilities that you wouldn’t get if you rented a regular house. You get access to a pool, a gym, a children’s playground, a laundry service, and even a handyman for the case something breaks or stops working in your unit.
CONS OF RENTING AN APARTMENT
Instability of rent increase
A landlord can raise rent prices out of nowhere, catching many individuals off guard and adding another strain to those who are already struggling to pay their rent. It’s also worth noting that when your lease expires, your landlord may decide to raise the rent to keep up with inflation.
When renting an apartment, privacy can be an issue. The closeness of the residential units might be a real pain in the neck. Loud noises can readily be heard from apartment apartments above and alongside yours. When your neighbours are busy drilling holes in their walls, moving furniture, or throwing a party, enjoying a quiet weekend may be impossible.
When you have your own home, it’s natural to want to customize it to reflect your individuality. Because most apartments come with stylistic restrictions, this might be tough. Apart from rearranging the furnishings, there isn’t much you can do to the apartment. Some landlords restrict tenants from changing the colour of the walls at all. There’s no way you’ll be able to afford that ideal kitchen.
PROS OF BUYING AN APARTMENT
Return on investment.
The value of the owned property will rise over time, allowing the owner to benefit if they sell it at a later date. You also increase your wealth by buying an asset you can use later on.
You are completely free to live your life as you like. Without anyone’s permission, you can have pets, alter appliances, renovate, and do a lot more.
Assume you need to relocate from the city where you currently reside and own a flat or apartment. After that, you can begin looking for renters to rent your home.
Here, you can turn your apartment into an income source!
CONS OF BUYING AN APARTMENT
Homeowners must fix everything themselves and maintain up with mortgage payments, HOA fees, property taxes, insurance, and repairs while owning a home.
Problem in relocating
A homeowner has fewer options than a tenant when it comes to moving out of their current residence.
Inability to sell quickly
The apartment isn’t a liquid investment. This means that if you ever want to sell your home, it might not go as quickly as you had hoped.
Renting, in reality, offers its own set of advantages, such as flexibility, HRA, and reduced monthly prices, to name a few. However, apartment ownership provides a long-term investment opportunity with the possibility to build equity and increase the value of your home over time, as well as tax benefits and the ability to turn your home into a source of income and integrate yourself into your neighbourhood. Furthermore, buying an apartment is better than renting one as it provides greater security for your family’s social lives as well as their financial lives.