My home. These two words have a lot of meaning to every human being. Whether you love travelling for months on end, whether it’s a 3 BHK, a villa, or a 1 Room kitchen; it’s your space and owning one gives you happiness.
When it comes to making a decision on buying or renting a house, we usually get confused. Some say it’s better to rent as the interest rates are high. Some say it’s best to take a home loan and own a house. We think that owning a house is better than renting it. Hence to prove it to you, here are 9 points showing the advantages of buying a house.
- No more Landlord Troubles:
Buying a house is not the last decision that you make. It’s the first. Maintenance is the second, third and the never ending decision that you will take until you’re in that house. Whether you require a plumber, an electrician or a carpenter, you can take that decision and get things fixed.
When you’re on rent, all of these decisions cannot be taken by you without the landlord’s permission. In most cases, the landlord gets these things fixed. There is a possibility that the maintenance will take more time which will cause inconvenience.
- Emotional security:
In today’s fast paced life, we are always running and in full stress. When we stress so much and head home, we want to feel at ease. There is a big difference when you come back to a home you bought and a rented home. The emotional connect is more when you own your house. Agree?
- No Uncertainty:
When you stay on rent, there always will be a fear of the landlord coming and informing you to vacate the premises in few weeks or months. Bad dreams of getting thrown out of the house by the landlord can also be avoided by buying a house.
- Never compromise:
Rent is always the deciding factor when you plan to stay on rent. You compromise a lot on your choice of location, neighborhood and basic amenities like hospitals, schools, market area etc. This can be avoided when you buy a house.
- Easy Financing Options:
Earlier, it was really tough to buy a home without the full amount. Today, there are multiple options for you to own a house. You don’t have to wait till you’re married to buy a house. You can buy it in your early twenties and get it suited as per your income.
- Tax Benefits on Home Loan:
You can get a lot of tax benefits on your home loan amount and the interest payments you do. That gives you some relief during filing returns. Whereas when you’re on rent, the cost keeps increasing year on year and you get less benefits.
- Building Your Own Asset:
When you pay your home loan amount over time, every month brings you closer to making it your own home (asset). The same is not possible with a rented home as it will never be yours. Buying a house early gives you an advantage for the value to grow over the course of 10-20 years which benefits you.
- Home As An Investment:
Buying a house early is seen by some as an unnecessary expense. We see a house as an investment. Why we say this is due to the trend since the past few decades. The property rates gradually keep increasing only. Buying a house early surely will burden you for a while but as your income increases, you can manage. The same cannot be told about rent as you can never buy that place.
- Conforming To Social Norms:
Here in India, we always measure a person’s worth and name in the society from the fact that you own a home. Yes, this does happen. Not only should you own a house but also the size of it gets you a lot of attention and respect.
Find about how to avail a home loan.