Is it worth buying an apartment in Bangalore? Well, the answer is tough than it seems. It is both yes and no and it can be confusing. But in most cases, it is a personal choice and a personal situation one is found to be in.
However, we try to evaluate the pros and cons of buying an apartment and you can be the best judge of your situation.
No doubt Bangalore has expanded beyond its limits and is still rapidly growing. There are major IT hubs and is known as the silicon valley. Companies have invested millions and there are renowned institutions that envelope engineering, biotechnology, science and research fields.
Every area is different from each other and is well established and maintained overall. There is access to hospitals, banks, schools and colleges, a good public transportation system from every place.
When it comes to investment there are so many key points to consider. The investment in a property can be a life long dream or a source of income over the long run, but it all drills down to an individual’s personal choice and the situation. Here we discuss the pros and cons of investing in an apartment in Bangalore.
Pros of buying an apartment :
– It is not a bad idea if you were to get a place you dreamed of for your own, since childhood. Be it a 1 BHK, 2 BHK, 3 BHK apartment, a stand-alone property or a villa in a gated community, it is about your dream in your favorite location.
There is a safe and secure place for you to come back to, after a hard day at work. Even better, you need not have to worry about paying rents at the beginning of the month. It is your dream home after all!
– If you are permanently relocating to a city, it is definitely a good idea to invest in an apartment for yourself. It does make sense not to pay rent or lease out if you are sure you and the generations to come are going to inhabit the city.
It is rather a good idea to pay off EMIs from the bank loan and clear them over a period of time, where you are secure with your job. And voila, you will have a warm place for yourself as a part of the retirement plan.
– When your finances are manageable by yourself or in association with a close family member, it is best to bet on buying a property.
If you think your income is a stable source at least for a decade from the time of the purchase of the property, and there are all the expenses taken into consideration, then choosing the location and the type of apartment you would want to live in is the next step.
By managing the finances, we also mean the down payment amount that is to be given initially before taking possession of the apartment. There are many good housing loan schemes available these days by major banks that provide you a good loan payment breakdown.
Some of these banks are also tied up with the apartment builders and developers which help you in getting easy access to the home loans.
– Location is an important consideration while purchasing a property or an apartment of your choice. Many apartments offer you the warmth of the city inside their own gates.
They come with all the world-class amenities that will not leave you behind, and to enjoy them is quite an accomplishment in life. There is security as much as there is socializing.
Every apartment in a gated community manifests itself into a mini world with the swimming pool, kids pool, children’s play area, walking and jogging trails, adults lounges, clubhouse, party hall, gymnasium, spas, grocery shop, clinic, medical shop, ATM, 24-hour electricity supply, 24-hour water supply, surveillance cameras, security, well maintained staff for a perfect living.
The East Bangalore and North Bangalore have some magnificent projects with all these amenities.
Cons of buying an apartment :
– Let us consider a situation wherein you have moved to the city for the purpose of a job for a few years and you might relocate elsewhere.
In that case, it makes more sense to rent or lease an apartment until you are here and move out.
It really is difficult to get a second owner for a property in Bangalore sometimes. You would also be saving a lot more money than buying a house this way.
– Say, you have somehow accrued the down payment amount and are really hell-bent on the job for the sake of paying the home loan EMI from the bank, this could make your life harder than you imagined it to be.
At least for the tenure of the home loan that you got, you are forced to stay at the job, if you planned a career switch or your own business or a long time other dreams should all wait now.
– As compared to the South Bangalore and West Bangalore, which are considered residential areas, the North Bangalore and East Bangalore projects might be a better investment.
However, with the receding water levels in Bangalore, no one is actually sure if Bangalore is headed to be another Mumbai in the making. A few areas have already resorted to water tankers for the water and it is going to get worse here on wards.
– The apartments usually do not have the land value associated with them. So, the builders and developers if not chosen wisely can actually sell you an encroached property.
This might end up in you shelling out the extra bucks after a few years if the Government intervenes with all the relevant documents.
One other notable point is that the apartments come with a maintenance charge and a few more other charges per month, which is additional to the EMI you are paying. Renting is better in this case.
With all these thoughts in mind, it seems appropriate for oneself to sort them out and finally conclude based on an individual priority.