A person is considering buying an 18 year old, 2000 sq ft apartment in Bellandur, Bengaluru for Rs 2 crore. This ground floor flat is in need of renovation. People on social media have called it an expensive and loss-making deal due to its age and price.
House prices and rents are skyrocketing in Bengaluru. People often express their displeasure regarding this inflation. Now one such post is going viral on Reddit. This post is about an old apartment in Bellandur, Bengaluru. A Reddit user is asking for advice on whether he should buy an 18-year-old, 2000 square feet ground floor apartment? The owner is asking Rs 2 crore for this flat. The user is confused about whether he should buy this flat or not.
This house is just 500 meters away from Bellandur Metro Station. The society has facilities like gym and pool, but they are not maintained properly. This is a small society, which has a total of 50 flats. The building has been painted like new on the outside, but the interior needs a lot of repair. The person has asked whether he should buy it by paying Rs 2 crore.
However, most people on social media criticized this deal. Most people called it a ‘loss-making deal’. One user commented that no one knows when the metro work will be completed in Bengaluru. Another user wrote that paying such a huge amount for a ground floor flat is stupid. Another person believed that replacing the floor, kitchen and plumbing of the house alone would cost Rs 25 to 40 lakh.
Many people also reminded that the resale value of an 18-year-old building may decrease in the future. At the same time, the person posting says that this apartment is currently earning a rent of Rs 80,000, which is quite attractive as an investment. The man also says that he is ready to spend Rs 10-20 lakh on renovation. Some people advised him to live in the same flat on rent for a year before buying, so that any kind of problem could be detected.