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- A building, if well maintained, starts showing signs of wear & tear around 40-50 years. Should Ideally be rebuilt after 70 years. Plan accordingly. Lifts will be required to be replaced every15-20 years. Does your society has a corpus fund ? Check otherwise lifts will not be repaired ever and will frequently breakdown.
Generally today it is not recommended to invest in property because of stagnant prices. Put it Debt fund or buy Gold ETFs.
If you are paying rent , then it is ok. Buy & Stay in the same house. Plan for your retirement. One good thing about Bangalore is for the same amount of money invested you get more rent as compared to Delhi, Noida but less than main Mumbai. So you can rent out property in Bangalore and stay in native village, getting regular income.CommentQuote1Flag
- The answer to your query - is NO.. its not worth buying such aparments since resales are very poor and the maintenance costs escalate as the building ages. Its best to be on rent and enjoy life. There should be no emotional attachment to any asset.
However if you do feel you want to go ahead, just do this math. Is the EMI = to the rent you pay? If the answer is yes, then its a straight go ahead. However if EMI is 2X of rent, then its time to do some analytics- answer in this case is Maybe. But is EMI is greater than 2X then the answer is surely NO. So to give it in numbers- lets say your apartment cost is 75 lakhs. Your EMI is 75000 per month (a huge burden for 15 years). If the Rent is 25000-30000 per month, then its best to rent. Rentals are not going to increase in a hurry for many years to come.CommentQuote0Flag