Buying a 2BHK in Koramangala. Wise decision financially?
Mid 30s, single, been in Koramangala (and Bangalore) for 3.5 years now. Absolutely love the society I live in. There’s a 2BHK available for sale 1300 sq feet. 1.5 cr. 15 year old building. Great location. Low rise. I’m not sure of my future plans so unsure of how long I’ll be living here. Could be forever, could plan on moving a few years down the line. Unable to decide if it makes sense to buy or keep renting. Rental yield is ~4.1%. What kind of an appreciation cal I expect on 1.5cr in the next 5-10 years. Help me make an informed decision!
Koramangala real estate is on the way up
I think good time to get into something here, and really cool that you have the means to, as well
I’d be a bit wary of the 15 year old thing, that’s the main challenge here
I know 2bhk 1000 Sq ft flats in 30 year old buildings selling close to 1 - 1.2 cr in prime JP Nagar (1st Phase to be exact). What you have got on your hand is a real bargain. Take it and flip it later. Use the flipped money to purchase a better gated apt later
SabChangaSi
Stealth
3 months ago
I'm in a similar situation but in haralur. Similar price too.
BiryaniEnthu
Stealth
3 months ago
15 yr old real estate has stagnated or now declining, how do you intend to use it? Long term family stay if you continue in Bangalore?
Buying a 2BHK in Koramangala is a wise decision or not, financially depends on certain factors. Let’s consider the pros and cons of buying a house.
Pros:
- Since you’re in love with the Koramangala region, buying a home will offer you a sense of accommodation security.
- Koramangala is a well-known area in the city and with so many premium houses are building everywhere, your property value will also increase with time.
- Owning a house can offer you tax benefits.
Cons:
- The cost can be high as you have to pay a lump sum amount for the property including registration fees and stamp duty.
- There will be an ongoing flow of capital when you buy a house. These expenses involve maintenance charges, property taxes and utility bills.
If you’re considering staying in Koramangala for at least a decade, buying a house is a good decision. However, if you plan to move soon, renting would be more feasible.
