Dear experts – I moved to Pune from Ghaziabad a year back. I own a flat in Ghaziabad and getting a rent of 11k pm from that.
Here in Pune I am staying in a rented accomodation ( a 2BHK flat in a good locality, I beleive its value would be 40-45 lacs ) and paying a rent of 12k PM currently.
I have started liking this city and somewhat my family ( wife and 2 school going kids ) is also settled here. No one can predict what happens tomorrow ( here context is I get a good job back in Noida, Gurgaon ) and I move back and start staying in my own flat, but keeping this possibility aside, I can stay or rather plan to stay for long term, say 10+ years in Pune.
Now in this condition, is it advisable to buy a flat here in Pune? Please consider the property rates here in Pune are very high currently ( a 2BHK in my locality costs approx 50 lacs ) Or does it makes sense to continue stayin on rent.
My concern is I do not like living on rent, due to negotiations to be carried out every year with landlord related to rent and other things. Like for eg. after completing one year, though agreement said 10% hike in rent, but my landlord dictated 15% hike, stating the development happened in area and as per survey he did for current rentals. Now I had no other option but to accept this 15% hike due to a few reasons like kids have made a few friends in society, we got used to the area and to avoid pain of again winding up everything and moving to a new place. I hope you understand.
Now this will be the case every year which I have to deal with and that’s the reason I thought of exploring the option of buying a flat but the high costs scared me, and there I though of going for expert advice.
I can shell out 10 lacs from my pocket. I pay rent of 12k, get a rent of 11k and have surplus 20k which I can spare every month.
Now considering all this and my feelings :), please can you suggest best suitable way which I should follow?
I am confused and need expert advice. Should I go for a flat in Pune? Should I continue staying on rent and invest the EMI amount somewhere else?
Many thanks once again in advance for your time and the great selfless work which you guys are doing.
Regards,
Anurag