Hi All,

My parents had bought a 1 BHK at dombivli near patkar school - its around 10 mins walk from station. We had bought it in 2000 year & its almost a 15 year old society now .

Right now we do not have much home loan left out on that flat - however since we do not stay there we are finding it hard to maintain. The previous tenant had poked around 100 nails around & we incurred more than 1 lakh in repairs and rennovation (which we could not recover from the tenant ).

Its a 550 sq ft flat in a decent society - there is no parking but the flat is recently renovated. Currently I am not getting any tenants for that flats for desired rates & its lying vacant from past 2 months. I was under this dilemma that what would be a good decision to make at this point of time ,

1.) Hold the flat & look out for rentals. At the max I can get 8 -9 k rent per month in that locality - dream of re-construction & re-development. If the society goes for the same , I am pretty sure its not going to happen any soon. Even if it goes for re-dev , I would not be able to bear any additional costs incurred since I have already invested in a flat at pune & my dad is nearing his retirement. Is this dream worth the wait ?

2.) Sell of the flat . Invest the return amount minus the debts in an FD & I am pretty sure the interests yielded would be more than rent I can get for this flat. It can be a good retirement funding for him. I already have a brand new flat here at pune - so I honestly do not need another one. What is the re sale amount I can expect for this flat ? The society is maintained good & the flat is in good condition.

Please provide some inputs & thanks in advance.

Cheers !
Kartik G Pai
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  • Flat lying vacant for 2-3 months is not a big issue I guess... you will see this happening especially in flats bit further away from Mumbai and even in new Mumbai. I think you should accept that to happen on and off.... I actually don't invest much in flat when I am giving it on rent... you should just spend enough so that its in good shape ... especially essential spends like leakages, painting etc.... All other things like nice interior etc is only worth spending when either you are going to stay there or you want to sell it off.