Seeking Advice: Buying a Flat vs Renting in Bangalore (From a Financial Perspective)

Hi everyone,

I’ve been considering the decision of whether to buy a flat in Bangalore or continue living in a rented apartment, and I’d love to get some advice from you all, purely from a financial perspective.

On one hand, buying a flat comes with long-term benefits like asset ownership and potential price appreciation. But on the flip side, it requires a hefty down payment, long-term loans, and associated costs like maintenance, property taxes, and registration fees. Also, with interest rates and real estate prices going up, I wonder if it’s the right time to invest.

On the other hand, renting provides flexibility with lower upfront costs. However, there’s always the reality that rent increases over time, and there’s no asset to show for it in the long run.

I’m leaning towards renting for now, as it seems more flexible and financially less binding in the short term, especially with real estate prices in Bangalore being so high. But I’d love to hear your thoughts and experiences!

What do you think? Is it better to take the plunge and buy a flat, or is renting the more financially sound decision right now?

Looking forward to your advice!

Thanks!