To rent or buy is a question that many get puzzled with. Also, with the surge in property prices especially in metropolitan areas, people choose to rent over buying their own estate. Admittedly, renting becomes a more attractive option when people are strapping for money. But, in the hindsight if long-term investment is the syllable that is continuously creeping into your mind then, you should deem buying a home certainly. As owning a home could notably bring you a sense of stability and home buying decision has its own benefits otherwise as well.
A home is much more than just a roof and beautiful walls. It furnishes a sense of security, serenity and comfortness. So let’s move ahead and know that how owning a home gives you huge benefits that a person living on rent could not entertain:
- Home As An Investment: Buying a home, totally makes sense when you know that you intend to live in a particular city for long. The moment you feel that you’re well settled not only in career but also in life, then buying your own estate gives you an opportunity to enhance your wealth over time. In contrast, it’s a minor legend of wise people, that when you delay buying a property and try to depend on renting a house in response to your low budget, that means you are investing in the wrong direction. Renting could not merely cost you high but also won’t give you any sort of return or profit.
Rather than paying for your rent home(that’s a kind of zero return expenditure), you can utilize that same rent amount in paying off your home loan EMI’s. Thereby, this could win you a lifelong asset for you and your family.
- No Landlord, No Pain: Renting a home is a pain in several dozen ways. When you live in a rented house, you are all controlled and dependent on your landlord; be it about the minor repairs or any sort of renovation. It just could not be refrained that you unwillingly need to get dependent on your landlord for even a single hitch; for water, electricity, varying maintenance and almost everything.
On a contrary, buying a home gets you an exit from all these obstacles.
- Dispense With Unwelcomed Uncertainties: Buying your own house means you can dispense with the uncertainty of repeated and untimely termination of your lease agreement by the proprietor. Additionally, the hitches that you encounter every year as a tenant, you get free from that. Hitches such as renegotiation of rent every year and renewal of rent agreement. Also, not all tenant-landlord relationships are sorted and friendly.
- Savor Tax Breaks With Home Loan: Home buyers can savor the benefit of tax breaks after signing up for home loan under section 80C. The government has shown a great inclination to amp up the indian citizens so that they could be encouraged enough to invest in house purchasing. So, if a buyer is thinking to invest in a property, then he could get the benefit of income tax deduction availing home loans under the PMAY CLSS scheme.
- Easy Finance Options: Easy finance options have facilitated buying a property more easily. Now you don’t have to wait till you reach the span of 40s or 50s in order to hoard money for buying an asset. You can now buy a home by just availing finance options. You just need to chalk out a strategy that meets your criteria, judiciously find a home loan lender who can properly tailor your home loan that could suit your present and future income pattern.
The foremost reason behind why buying your own home is more profitable over renting is the financial merit that a person living on rent could not get. No doubt a home-owner lives with a positive mental note that one day he will live mortgage-free. And while living on rent, you just blow off your bucks every month at no returns. So forth, a home-owner has the advantage of moving to another epic option by selling his old estate at price more than he paid for it because his house might be worth more than earlier. Thus, Indubitably, you shift at a profit. Another route that an owner could take is that he can always utilise his property as a future passive income source.