Apart from the financial aspect, considerable sentimental value is attached to buying any property. No wonder owning an apartment in a city remains the ultimate dream for most citizens.
With due diligence and some smart financial planning, this coveted dream can be fulfilled, though. For example, you can look forward to buying or investing from a plethora of choices in 3BHK flats in Bangalore or apartments in Electronic City.
There are many benefits to buying or investing in an apartment project developed by a developer of repute.
Let’s delve into six such key reasons why you should buy or invest in an apartment project.
Saving on Rental Outgo: Rentals of residential properties have already increased by almost 10-20% in most major cities, as per reports. When you stay in a rented apartment, a fixed portion of the income is required to be directed towards the payment of monthly rent. However, through some financial planning, you can look forward to diverting this amount towards equated monthly instalments (EMIs) of an apartment you remain the owner of.
Taxation Benefits: As a first-time buyer of an apartment property, you can look forward to claiming a deduction of Rs 1.5 lakh per annum on the principal amount of your home loan.
Also, in case of interest payment, you can get deductions of up to Rs 2 lakh. In all, you may claim a deduction of Rs 3.5 lakh for interest on home loans.
Great Investment Option: When compared to equity investments or stock markets, apartments are an asset class that will continue to remain high in demand. Even during the phase of the pandemic in the past two years, the prices of apartments and flats have remained stable. Take the case of apartments in Bangalore, prices of which have continued to remain stable and are now reviving, keeping up with the positive market sentiment.
Moreover, any tangible asset introduces a level of psychological satisfaction. And buying or investing in an apartment project serves the purpose of a tangible investment that introduces several benefits to you and your immediate family.
Better Return on Investment (ROI): Investing or buying an apartment project today will assure you good long-term returns. The capital appreciation is quite high, which could also be 3x the current value in certain cases.
Also, apartment projects tend to stand out when it comes to rental benefits—for example, considering that Bangalore remains a professional hub for the IT/ITES sector, apartments in Bangalore or flats in Electronic City command good rental value.
Security for Family: From the safety and security aspect, any apartment project could introduce several layers. From guards manning the main gates to provisions of closed-circuit television (CCTV) monitoring or video door phones, you and your family can remain assured about the various security concerns, which can be well taken care of in an apartment project. Several properties in Bangalore, including apartments in Electronic City are high on offering safety and security facilities.
Ease of Customisation: While no alteration can be made in the interiors of a rental property, in case you invest or buy an apartment, you can very well add a personal touch through customisation and home additions. You can add new form and functionality to your apartment, creating a place that you can truly call your own. Take, for instance, a 3BHK flat in Bangalore can be suitably converted into a spacious living haven that is customised to perfection.
All in all, there are several benefits to investing in or buying an apartment. Before you zero in on an apartment project, take into consideration additional factors such as location, infrastructure development, and convenience.
However, before taking the plunge, do your math properly so that it doesn’t add to any sort of financial burden.