Why Owning a House is Better Than Renting?

Why buying is better than renting?

Owning a house is the dream of every individual. Before buying, we ought to do an appropriate investigation of the upsides and downsides of purchasing a house. Putting resources into a home or property is an important choice both monetarily and intellectually. You ought to have the option to confront the disadvantages along with the advantages of owning a home.

Why people rent a house?

• Close proximity to office location.
• Frequent job/work related transfers.
• Fear of paying huge EMI’s towards housing loans.
• They haven’t found right property that fits their needs and budget.
• Fraud and complications involved in home buying process.

Disadvantages in renting a house:

• Unpredictable rent hikes and changes. You can never know about a sudden rent hike or changes in maintenance charges.
• Forced eviction sighting unethical reasons.
• Your HRA might not be sufficient and you need to spend from your pocket.
• Unreasonably high rents in metros and tier-1 cities.
• Unacceptable rules from landlords and housing societies.
• Issues with landlord and unfreedom to spend quality time.

Why you should buy a house?

• You get the advantage of owning an quality asset.
• Your home is your long-term investment.
• Security and perfect financial planning post retirement.
• Get rid of rental burden.

What are the benefits of home ownership?

• Better social status and financial security.
• Advantage of owning an long term financial asset.
• Exponential growth in asset value.
• Tax benefits of owning a home.
• A pride of ownership and sense of belonging to community.

Owning a house builds steadiness. It will help you stop briefly and notice life encompassing you. It will enhance your personal satisfaction. Owning a house builds steadiness. It will help you stop and notice life encompassing you. It will enhance your personal satisfaction. Your family will also feel a conviction that all is good and invest in their accomplishments alongside you.