Exploring the Benefits of Homeownership vs. Renting in Trivandrum

Posted onOct 15, 2024

A home is much more than just a building; it embodies emotion and sentiments and is often a lifelong dream for many. The choice between homeownership vs. renting completely depends on your personal preferences, and financial status plays a significant role here. But we thought it would be good to explore the pros and cons of both homeownership and renting before making a decision.

Advantages of owning a new home

 When we analyse the real estate market trends in Trivandrum, it is evident that owning a home can offer numerous advantages. Let's explore the pros first. With a city that is developing rapidly, one can fix this as their home for settling as it is a great place to live.

• Owning a home means satisfaction and comfort for some, status and accomplishment for others, investment for some, sentiments and pride for yet others. Check on which category you fall into; what does a home mean to you? Depending on what your aims of owning a house are, you can select the appropriate type of property.
•  You have all the freedom in your house to do as you wish - renovate, refurbish, make changes that you want, repaint, redecorate, or anything else.
• It has a dual purpose - provides a roof over your head, and also cts as an investment. You can rent out your apartment and earn a regular income month on month
• Premium apartments can give you a great lifestyle that includes gym, walking space, swimming pool, party hall, spa, and so on.

Cons of Owning a Home

Not to forget, you have sole responsibility to pay the monthly instalments of your housing loan on time. 

If there are any maintenance issues, you need to fix them yourself. Also, if you have to move out of Trivandrum and want to sell your apartment - it can become a tedious task. Consider all these factors before making a final decision. 

Advantages of Renting

• You are not responsible for repairs and maintenance
• Moving out is possible at any time
• No need to worry about heavy EMIs
• The money you save can be used to invest and purchase an affordable property later

Disadvantages of Renting

• No changes or redecoration can be done without the express permission of the home owner
• The residents association often puts restrictions on tenants on use of facilities, guests and so on
• You may or may not get the agreement renewed once the lease expires
• Your rent may keep increasing every year and there isn’t much you can do about it
• Rent is an expense, and you will have nothing to show for it after years of living in a rental apartment.
• There is no forced saving, and you may be tempted to spend more.

Conclusion

 There are many reasons for property investment in Trivandrum, like rapid infrastructure growth, ideal location, national and domestic connectivity, employment and entrepreneurial opportunities, diversity in culture, and presence of a number of reputed healthcare and educational institutions. The future of real estate in Trivandrum definitely looks bright and positive and whoever invests in property is sure to make a good profit in the coming days. 

If you’re looking for the ideal apartment to buy in Trivandrum, look no further than Varma Homes. Premium 2 and 3 BHK apartments that are affordable, elegant, spacious, and of superior build. Varma Homes is one of the best known names in the real estate sector in Kerala, bringing you superlative apartment projects all over the state for the past <years>. We take care to ensure that our buildings are RERA-approved. We believe in providing exemplary customer service to our purchasers not just at the time of purchase but afterwards as well. Our stellar reputation in the market ensures that you can easily get housing loans to buy your dream home.

FAQ

What are the financial benefits of owning a home in Trivandrum compared to renting?

Exploring Homeownership vs. Renting in Trivandrum reveals that owning a home can be a significant financial investment, offering long-term benefits such as asset appreciation, potential rental income, and tax advantages. In contrast, renting provides short-term financial relief from maintenance costs and property taxes but lacks investment returns and can lead to uncertain rent hikes.

How does homeownership in Trivandrum contribute to personal and family stability?

Homeownership in Trivandrum offers emotional and social stability by providing permanent residence and community ties. Families can invest in their homes without concerns about lease renewals or shifting schools for children. This stability often translates into a better quality of life and more robust community engagement.

What should potential homeowners consider about maintenance and flexibility when buying in Trivandrum?

While owning a home provides the freedom to customize and enhance their property, it also comes with the responsibility of maintenance. On the other hand, renting offers flexibility to move and freedom from repair costs but with restrictions on modifications and dependency on the landlord for maintenance issues.