If you are planning to invest your hard-earned money in a new house or apartment near Chandigarh, here are the pros and cons you should know before purchasing a flat in Chandigarh. Purchasing a new home or apartment is one of life’s most important decisions, and it’s likely a notion you’ve had since you were a child. As a result, you must consider all relevant factors before taking the plunge and making a decision. When buying a new home, you may be required to take out a large loan, which will be followed by monthly instalments deducted from your salary, so you must be extra cautious.

Let’s check out the pros and cons.

Pros

1. Easy Access

Having a second home in Chandigarh provides you with seamless access to well-known hospitals, educational institutions, and tourism attractions, as well as transit convenience. One of the main reasons why people opt to acquire flats in Chandigarh is because of its accessibility.

2. Financial Aid

Life is full of uncertainties, and you can utilize your second property as financial aid when one arises. If you find yourself in a financial bind, you can sell your home and solve your troubles. And you can earn a lot of money for a property in Chandigarh because it is well-developed and everyone’s the ideal place to live.

3. Career Opportunities

People migrate to cities for a variety of reasons, the most common of which is to find work. The Union Territory has an advantage in this area as well. Many IT Parks, such as Chandigarh Technology Park at Manimajra, have sprung up as a result of the rise of IT and ITES companies, offering amenities similar to those found in cyber towns like Hyderabad and Bangalore. There is strong demand for houses as development accelerates. As a result, reputable builders such as Beverly Golf Avenue have launched various forthcoming projects in Mohali, Chandigarh.

Cons

1. Additional Cost of Insurance

If you purchase a second house or luxury apartment in Chandigarh, you must ensure its safety by purchasing home insurance, which is an additional cost that protects your property from damage.

2. High Maintenance Costs

Before purchasing a home, you must consider the costs of maintenance. The maintenance expenses can be estimated based on the project and the size of the residential property. You must ensure that you can afford the expense. Rental revenue can help, but only if you find a good tenant, which leads us to our second disadvantage.

3. Tax Saving Gains Decline Over Time

During the early EMI instalments on a home loan, there is a substantial amount of interest to be paid. The interest rate does, however, decrease in the years following the debt redemption, which has an impact on the interest benefit provided under Section 24 B on home loans.

Conclusion

Many folks in this neighbourhood aspire to own their own home such as luxury flats in Chandigarh. Having the opportunity to invest in or purchase a second house, on the other hand, is a luxury. Not everyone can afford to spend such a large sum on another home; therefore, before investing, one must evaluate a number of variables.

Because the economy is continuously moving, many people are turning to real estate as an investment option. Nonetheless, there are several disadvantages to consider before purchasing a second property. Check them before any decision.