More than just four walls and a roof make up a house. It stirs up a variety of feelings and ideas inside of us. Some people see it as a sense of security, others as comfort, and yet others as a sign of success and prestige. The other component of a home, however, must also be taken into consideration. It is related to numbers. The financial side is crucial as well because for the average Indian, purchasing a home is frequently their biggest financial transaction. Many struggle with the question of whether to buy or rent. Share your viewpoints on Home Write For Us.
THE FOLLOWING 9 FACTORS MAKE HOMEOWNERSHIP BETTER THAN RENTAL LIVING:
9 BENEFITS OF OWNING A HOME INSTEAD OF LEASING
- No problems with the landlord
- psychological safety
- No ambiguity
- Without giving in
- Simple finance methods
- tax advantages for home loans
- Construction of a personal asset Investment in a home
- obeying social conventions
1. NONEXTRA LANDLORD TROUBLES:
You are in charge when you own your own home. You do not have to deal with a landlord, but renting is difficult in many ways, whether you need modest fixes or a comprehensive makeover of your house. Water, power, maintenance, and virtually everything else are provided by the landlord.
2. EMOTIONAL SECURITY: By buying a property, you provide your family a place to call home and their very own space. Returning to your own nest at the conclusion of a long day at work, along with a taxing commute and ongoing stress, awakens a sense of security and comfort that is simply priceless. After all, there is no place that can truly allow you to relax and just be yourself as "home."
3.NO UNCERTAINTY: When you own your own house, there is no need to worry or be afraid that the landlord would prematurely terminate your lease. Also, there is no headache associated with renegotiating the rent arrangement on a yearly basis.
4.NO COMPROMISE: Rent is an expense, and generally speaking, spending is going down. As a result, you might find yourself making compromises regarding things like size, location, and facilities. On the other hand, if you purchase a home, you will guarantee that the chosen residence lives up to your standards.
5.EASY FINANCING OPTIONS: With the advent of simple financing choices, purchasing your ideal home has been simpler. To save money for your ideal home, you don't have to wait until your 40s and 50s. You can purchase it when you're in your 20s and have a totally paid off house by the time you're 50 or even before. Selecting a home loan provider wisely will allow you the flexibility to manage your loan repayment by customising your EMI to match your current and projected income trends.
6.TAX ADVANTAGES FOR HOME LOANS:You receive enticing tax benefits for repaying the principle and interest of your mortgage. Also, keep in mind that the true cost of renting exceeds merely the price itself. Due to the fact that you are not collecting interest on the landlord's deposit (which can be fairly significant in upscale locations), your cost is higher.
7.BUILDING YOUR OWN ASSET: By paying the home loan EMI instead of rent, which is a pure expense, you can gradually construct your own asset. In actuality, your home's equity increases with each EMI you pay.
8.HOME AS AN INVESTMENT: Purchasing a home makes sense if you plan to stay in a city for an extended period of time because it will provide you a sense of permanence and belonging. You become more familiar with the city and its way of life. You believe that your life is now at peace. In addition, property values typically increase with time. By purchasing a property, you are also gradually increasing your wealth. Delaying your real estate purchase will require you to make a larger investment (in addition to having paid rent over an extended period of time).
9. CONFORMING TO SOCIAL NORMS: Lastly, owning a property is a sign of prosperity and achievement in society. The house you own is a good indicator of your wealth and position. Consequently, purchasing a home can greatly raise your social position.
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