If You Are Renting – Have You Thought of Owning Your Own Home?admin November 27, 2017
There comes a time when one is renting a property, you ask yourself, “Should I buy now?”
It’s a decision that as a couple, one agonizes over nightly pillow talk, or then if a friend or relative announces that they have just bought a property, you exchange a slightly resigned smile with your partner across the room, as if to question each other “Is it time for us …?”
The rental option for most is a result of high prices, high initial capital outlay, uncertain market conditions or even job uncertainties. In the case of Mumbai, when people move in from different cities, there is the natural gravitation towards renting and then after the threshold of living for a few years, the consideration of purchase surfaces. That’s the time you take a call of ‘belonging to Mumbai.’
Purchasing a property in Mumbai, in a way, places a sense of permanence in your upwardly mobile journey. It’s the time when ‘settling down’ cements a deeper meaning. After a few years of corporate or business life, you want to begin living on your own terms and feel the emotions of pride and achievement that have shaped your identity thus far, to the outer world. The inner world emotions, of times of happiness with the family, legacy, creation of memories also make their presence felt. But beyond the emotions of the heart, the head also plays its part in the process of possible and hopeful capital appreciation.
When the search begins, there are times when the opportunity does come knocking on the door. A recent property in the heart of South Mumbai, at Jacobs Circle, – Bombay XI is a case in point. Attractively priced for the heart of the city, it offers a unique scheme of paying just 9% upfront and the balance on possession. This kind of offer makes the process of owning a home more accessible without affecting the initial outlay. Hypothetically, a simple math for a two bedroom for this property would mean, an initial investment of appx. 30 lacs for a 3 crore property, with the balance payable only later.
Once the EMI’s begin as you live in it, it would replace the rentals paid now into creating your ‘own’ home. Areas such as Jacobs Circle, which are hidden micro-markets of tremendous promise, make the possibility of capital appreciation a welcome prospect.
The next time you are at a get together with friends and family, It may be nice to be the one at the party to make the announcement, or then better still revel in quiet pride and live a blissful family life.
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