A home is made up of more than just four walls and a roof. Houses convey a lot of emotions and thoughts. It can be a sense of security for some, comfort for others, or even a mark of prestige and accomplishment, depending on whom you ask.
In addition, one must examine the other side of property ownership. These figures play a role in the equation. A home purchase is frequently the largest financial transaction in a person’s life in India. Many people struggle with the question of whether to rent or buy.
Why owning a house is better than renting one?
1.Home as an investment: If you plan to stay in a city for a long time, it’s a good idea to buy a house so you can feel at ease and settled. You identify with the city’s lifestyle through owning a home. It’s as if you’ve finally found your place. Furthermore, the value of a home often appreciated over time. Purchasing property will help you as your money grows over time. Delaying the purchase of your property will require you to invest more money in addition to paying rent over a longer period.
2. Emotional security: Buying a house gives your family their own space, their own home. Even after a long day at work, a repetitive commute, and constant stress, returning home provides a sense of comfort and security that can’t be duplicated. You can’t really be yourself anywhere but at home, where you’re comfortable.
3. Obedience to social norms: Owning a property is a sign of accomplishment and success in society. Your house determines whether you are affluent or successful. As a result, buying exclusive homes in Jodhpur can considerably increase your social status.
4. No compromise: Rent is an expenditure, and most people try to save money wherever they can. As a result, you may have to compromise on a number of factors, including location, size, and amenities. On the other hand, buying a home ensures that you receive exactly what you desire.
5. Easy Financing Alternatives: Owning the property of your dreams has never been easier thanks to easy financing options. You don’t have to wait until you’re 40 or 50 to start saving for your dream home. You’ll have a fully paid-off home to be proud of by the time you’re 50, if not sooner. You should find a lender that allows you to tailor your EMI based on your current and prospective earning patterns if you need to manage your home loan repayments efficiently.
6. House Loan Tax Benefits: Repaying the principal and interest on your home loan gets you tax benefits. Finally, keep in mind that paying rent alone is more expensive than paying your mortgage principal and interest. It is more expensive because the deposit you paid to the landlord will not yield you any interest (which is quite high in premium locations).
7. Building your own asset: Instead of paying rent, you can pay the EMI on a home loan to grow an asset over time. With each EMI you pay, you are increasing the equity in your property.
8. No landlord trouble: Owning a home provides you with complete control. There is no landlord to deal with; whether you require little repairs or a complete renovation, renting a property can be difficult. The landlord is responsible for everything you require, including water, power, and upkeep.
9. No uncertainty: When you own your own house, you don’t have to worry about the landlord terminating your lease arrangement early. The lease agreement does not have to be renewed every year, and the rent does not have to be renegotiated every time.
10. Increase in value: You can see the difference between what you bought for a house and what it is worth today as the price of the house climbs over time. It’s possible that the amount of appreciation will be substantial. You might borrow against your property as part of your retirement strategy, nest egg, or if you want to use it as a source of income if you ever need extra cash. You won’t be able to do that if you’re renting.