Realty Tip: Is it better to rent or buy a house in Bangalore?

Everybody dreams of owning a house.  However, now since the property rates are shooting up, the question always pops up whether it is better to buy a house or rent one. There has been a flurry of debates both for and against buying as well as renting a house. It is important that you consider all the relevant aspects before deciding on it. 

Numerous theories have been put forth to help one decide if buying is better than renting a house at a given time or vice-versa. One thumb-rule states that if rent per annum of the property is within 2% of the property’s worth, then renting may be a better option. But, if you are paying more than that as rent, then it is advisable to go for buying as the equated monthly installment (EMI) payable would be more profitable than paying high rent.

A house is an asset and the down payment and EMIs will make way to create a stable asset for you. No matter how many thumb rules are put forth or how many indices are developed, it is always better to judge your respective situation before deciding.

So, how about a home in Namma Bengaluru?

Being a prominent IT hub Bangalore is one of the top cities in Karnataka for buying real estate properties. The property market in Bangalore is still stable when compared to markets like Mumbai or Delhi, where the prices have shot up astronomically over the years. Hence, it is advisable to invest the monthly rental amount as EMI to buy a house in Bangalore.

You need to determine the areas suitable to you for buying or investing in a house.  Bangalore East, Bangalore West, Bangalore North, and Bangalore South are advisable for property investment. Especially, Bangalore North is the prime zone to buy a house as the rental values are shooting up at a higher pace than the property prices.

Bangalore Central remains a neutral zone, where the real estate market value is relatively expensive and you can decide whether to buy a house based on your financial strength.