Be Ready For These If You Own A Property

Be Ready For These If You Own A Property

Be Ready For These If You Own A Property
If you live in a housing society, you have to pay monthly maintenance charges to the society. (Dreamstime)

Why would one not want to have a piece of one's own paradise on the earth? The benefits of owning a property are certainly countless. But, let us not be too overwhelmed. With the tag of property ownership come responsibilities. And, it would be only in our best interest to be mindful of them.

  • You could tell your landlord a month in advance that you will be vacating the place as you are shifting to a new city. Not to say that this would not amount to you paying some good money to the movers and packers and going to physical exertion, the fatigue thus caused would never match the amount if you had to do the same if you owned a house.  In such a case, the owner will either have to sell the house in a hurry — this might lead to the property being sold for much cheaper than its value — or leave it behind with a caretaker for a while. You can certainly let it to a tenant but the responsibility to maintain the property still lies with you, a task tough to accomplish if you live far away from your property.

Also read: Caution Renters, The Taxman May Come After You

  • You could tell your landlord to get fixed a loose wire or a leaking tap. You could also negotiate and convince him to share the cost burden. As a homeowner, you will not have that option. All the maintenance expenses will go from your pocket. This is why it is imperative to make sure your monthly income will be able to meet the additional demand.
  • If you live in a housing society, you have to pay monthly maintenance charges to the society. You will also be expected to take part in functions organised by the society members and contribute monetarily, too, as and when the need arises. Not all of us are a social animal but as a member of a housing society, there are certain obligations that you will have to fulfill.
  • This is a point discussed less and understood even less. Unlike the general perception, a rented house gives you more freedom than a place that you own. While enjoying a particular lifestyle, you would not care how your neighbours judge you. In case they object to your ways of living, there is always the liberty to move to a place that lets you be. Once you buy a house, you have to live in a certain way that is acceptable to your society members and neighbours. In case your neighbours, say, do not like you hosting parties every week for it disturbs them, you will be forced to keep the frequency down. There is no question of you selling off the place.

Also read: 5 Reasons For Renters To Turn Property Buyers

  • You might be living hand to mouth because all your monthly income is spent in paying the EMI and buying the grocery. However, the world perceives you as a property owner. While this should certainly induce in you a sense of pride, this also means that you cannot shy away from fulfilling certain obligations. Consider this. Your cousin will come and ask you for a loan in case he needs it. He would prefer not asking your brother, who lives in a rented place.

Also Read: Advantages and disadvantages of renting a house

Last Updated: Thu Apr 27 2017

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