Buying a Residential Flat in Kolkata ? Here Pros and Cons
Are you planning to buy a new flat in Kolkata? The whole idea of owning a new home is exciting and fulfilling this dream is even better. Whether you purchase a flat in North Kolkata or South Kolkata, the thought of starting a new lifestyle in your new home is an achievement in itself. You can probably understand this emotion of ownership if you shift from a rented apartment to a home where you have invested your hard-earned money. What's more? It is a huge financial investment that we make once or twice in our lifetime; hence, it needs to be near perfect. However, have you considered the pros and cons of buying a flat in Kolkata? Not yet? Then this blog is your bible.
Pros of Buying a New Flats in Kolkata
Where New Life Begins: A new home is all about starting a new chapter of your life since for a new home starts a fresh start of everything. You step inside a living space where every part, the ceiling, floors, windows, etc. are untouched. Everything looks squeaky clean and there is a smell of freshness in the air. What's more? A new home will give you the opportunity to play with the epitome of design and incorporate a touch of your personality that make the home uniquely yours.
Source of Income: Do you know your brand new home can become a source of income? If you are buying a flat in a good location, like if you choose a flat near Kolkata airport, you can generate income out of it. This mainly happens by selling it at the right time or you can also rent it out to earn passive income. Furthermore, if you make interior modifications in your apartment, you can add the repairing amount to the total amount to earn more.
Opportunity to Modify: While any residential project will provide you with an empty apartment with blank walls and no designs, you can add your own design to your apartment with ease. Just as we mentioned earlier, you can add a touch of your own personality to make the living space look like your version. For example, if you buy a flat in North Kolkata and you are a nature lover, you can add greenery to your apartment and incorporate an interior design that will have some aspect of nature to it. If you are fond of music, you can paint the walls in having the design the musical notes. You can also put up racks and stack it up with music CDs. Hence, when you buy a home, you get the complete freedom to play with it the way you want.
Tax Benefits: If you are buying a new flat in Kolkata, it will help you with the tax deduction. For instance, the interest amount you pay on your mortgage can get subtracted from your taxable income which greatly helps. Also, if you apply for a loan, deductions are also made on the borrowing rate. For example, if you buy a flat in Madhyamgram, it can promise you with a heavy revenue in the future.
Cons of Buying a New Flats in Kolkata
Cause of commitment: Buying a new flat in Kolkata is a long term financial commitment. Whether you buy a flat in North Kolkata or South Kolkata, you have to pour a hefty amount which you have saved over the years. Additionally, you cannot bring about any modification in your new home until have made the payments backed by the risk of not earning more if you sell the apartment in the future.
Responsibilities: With buying a new home comes the responsibility of paying building maintenance, fixing structural issues, paying for upgrades and whatnot. Overall, it becomes your duty to ensure that everything well-positioned in its place and working properly.
Value Increase is not Fixed: Buying a flat in North Kolkata necessary does not mean that the value of the property will increase in the future, until and unless it is already a developed region. While you might buy a home in a developing region of Kolkata and modify it with the hope that the value of the region will increase in the future, it might not actually work in your favour. Also, you have you maintain the health of your home and make it look classy to preserve its value. Hence, buying a home with the purpose to sell it in the future might prove to be a risky measure.
Might Become a Liability: Buying a home is a long term commitment. We have already mentioned that before. It takes the form of a liability if you lose your job or under a financial crisis as you'll still have to make the payment for the mortgage. What's worse? You might be unable to repay the loan amount which means the bank from where you have taken loan can take over the home.
Hence, whether you buy a new flat in Kolkata for staying in it or for selling, make sure to buy one when you are ready to face the pros and cons. Of course, it gives rise to charges but it is ultimately profitable for the long term. The ball is in your court. Take a wise decision.