It’s common to find NRIs investing in properties like individual homes, apartments or vacation homes in India. The reasons for this investment could be many ranging from wanting to rent it out to earn extra income to use it as a vacation home when they visit India. This is certainly a great investment in asset that they are making, but still before making a decision to buy a home, it’s advised that they stay in a rented home for few days and study the real scenario before taking the big final decision.
Here are few reasons why NRIs should rent a home as against buying during the initial days of their visit.
- Purchasing a property in India requires plenty of thought and you need to take many factors into consideration before actually investing in one. Few factors that require a thought are your job stability and security, fluctuating interest rates that impact the monthly installments, available finance options, and budget. Stay in a rented home while you ponder over all these aspects before buying your own home.
- Renting a home lets you to get used to the new environment before considering buying a property in that specific locality. During your stay, you can get to assess how well the area suits your requirements and how well you can get adjusted to it.
- If you are a NRI who’s in India for official work, then there are chances that you would need to relocate soon to some other place in which case renting would seem to be a better choice than buying. Renting will give you the liberty to shift from one place to another for career.
- More importantly, if your finance is limited and you need to strive a lot to invest in a home, it would be better to rent a home for the time being as the cost of renting a home is much cheaper when compared to buying.
- With renting, you need not worry about any kind of house maintenance work or bother about paying property tax as all these issues will be taken care of by the house owner.
With these many reasons, you can surely benefit from renting a home till the time you are actually ready to buy a home in India as a NRI. There are many real estate website India for NRIs that can help them find a rental home.