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.