Benefits of buying a home over renting
For a homeowner, a home is not just a building made with four walls and a roof. It kindles lots of emotions and thoughts. For some homeowners, it is a sense of security. It is about comfort, and for others, it is a symbol of accomplishment and their status. But there are also many aspects of a home you might struggle with it.
In this article, we are going to highlight the advantages of buying a home over renting:
Easy financing options
Owning a home can become easy with the availability of easy finance options. Now you don’t need to wait till you accumulate money for a dream home. With this financial help, you can buy it and feel proud as the owner of a fully paid off home in 30 years or even sooner. You have to choose a home loan lender carefully. Choose one that offers flexible terms in your home loan return by adjusting your home loan EMI to fit your present and future income patterns.
No Landlord Hassles
When you own a home, you are not controlled by anyone. You don’t have to deal with the landlord; be it minor repairs or a complete service of your entire home, it is painful in many ways when you live on a rental. Because you depend on your landlord in many ways for things like maintenance, electricity, water, and many other things, renting can be a headache.
Tax benefits on a home loan
The home loan principal and interest repayment can give you attractive tax breaks. Don’t forget that renting is more expensive than just the rent you pay. Your cost becomes higher because you are not earning any interest on the deposit amount paid to the landlord. That is relatively high in premium locations throughout the lease term.
Home is an investment
When you live in a place for a long time, it makes sense to buy a home to feel a sense of belonging and permanency. After living in a particular area, you identify the city and its lifestyle.
After owning a home, you feel like you have completed a life achievement. Apart from property prices mainly appreciating over the long term, buying a home indicates that you are also increasing your wealth over time. Delaying your property purchase may give result in having to invest a higher amount. Additionally, delaying only adds to the money spent on rent over time.
When you buy a home, you give your family their space at the end of a long day at work coupled with the stress. Return to your own nest brings alive a sense of security and comfort that is irreplaceable. After all, there is no home like a place where you can be at ease and just be yourself.
Building your asset
Instead of paying rent, which is only an expenditure, you can pay the EMI of a home loan, thereby building your equity over time. Practically, with every EMI that you pay, your equity in your home goes up. When you give the rent to your property, that money will not return to you, but if you give EMI of your home, it will provide a place that you can say your own.
Once you own a home, you are now free from any fear and anxiety caused by the likelihood of an untimely termination of the landlord’s lease agreement. Additionally, there is no hassle of renewing the rent agreement every year and renegotiating on rent repeatedly.
Most of the time, rent expenses and area reduce the expenditure. As a result, you have to compromise on several aspects like location, size, and amenities. Additionally, when you buy a house, you will ensure that your chosen property meets your expectations.
Conforming to social norms
Finally, buying your own home is a sign of accomplishment and success in society. Most people in the community recognize you with the wealth and status of the home you own. So, by holding a home, you can enhance your social quality significantly. Or, if you want to live in a community, you have to accept their culture and lifestyle to be a part of it.