Choosing to buy or rent is a major decision that affects the financial stance, lifestyle, and personal goals of an individual. We all know that buying a home is no small expense. With home buying not only there are recurring property taxes and insurance payments to make, but maintenance and upkeep get expensive, fast. But when we put these costs aside there could be huge benefits to buying a home.
Buying versus renting a home is an individual decision that may be affected by a number of factors like finances, personal choices, etc. But there are several differences that make renting and owning property different from each other. Renting a home doesn’t come with all the responsibilities associated with homeownership and it offers you a lot more flexibility. On the other hand, owning your home gives you an investment. Buying a house could be a great benefit to you, just consider that someday, the house you bought might be worth more than you paid for, and you’ll gain a profit from it.
If you are debating whether it’s best to buy or rent your next house, we are here with some of the major reasons why buying a home is better than renting:
Ownership
Homeownership brings both tangible and intangible benefits. Not only does it give you your own home, but it also gives you autonomy in the decisions about the look and design of the space, and you also get a sense of stability and pride of ownership. Having a home under your name gives off a great sense of pride for the homeowners which cannot be compared. Purchasing a house also means that your children will always have a place to call their own.
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Long term investment
Rent is the money that you cannot take back. When one is renting a home, they are making a monthly payment for a property that they don’t even own, subsequently, they are not building any equity. A home is definitely a major purchase and it can be expensive initially, but if one considers the fees that come with renting, buying and owning a home ultimately becomes cheaper.
Buying a home can be comparable in cost to renting, considering the rates. Renting your home means paying your landlord and having nothing for the next month. Whereas, homeownership is a great investment as it’s a method of forced savings. And obviously paying off a property that you own is way better than paying off someone else’s asset. When you buy a home with a 20-year mortgage and make monthly payments for it, at the end of the term you will own a home. But, if you rent a property for 20 years, you won’t ever get any of your monthly rent payments back.
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Rents tend to increase with time
It is clear that the cost of rent has increased at a very fast rate throughout India and this trend is only expected to continue. In fact, the rent in many markets has grown much faster than median incomes. The high cost of rent means that paying a monthly mortgage is often comparable to or even cheaper than renting a home.
And if you wait for the perfect time to buy you may wait forever. Don’t stay out of the property market because you are worried about the future; your concern is the best reason to get into the market and buy a home. A real estate investment will always give good returns in the long run.
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Value of the property
Many homeowners build wealth as their homes gain value. Having a house of your own is a smart way to build lifelong wealth as a home is a valuable asset that is worth more than just simply having a place to live in. There is no doubt that real estate properties have been known to increase their value over time or appreciate. And no other asset can build your wealth more consistently than property-owning. When you rent, you are only building your landlord’s wealth, and not your own. We know that real estate appreciation can offer big returns.
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Tax benefits
Being a homeowner may give you certain tax benefits. There are thousands of first-time homebuyers who seek clarity on tax benefits. In India, a person taking a home loan does get income tax benefits under multiple sections Section 80C, Section 24, and Section 80 EEA. There are certain tax exemptions for the home buyer as per the income tax act.
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Extra income by renting
As a homeowner, you can easily bring in some extra income by renting your home. It gives you an opportunity to earn extra income by renting out a room. You may bring in a long-term tenant to rent out your basement, or you look at short-term tenants by renting a room. As a homeowner, everything is totally up to you how much you charge, how often you have someone renting from you, etc. as there’s no landlord to ask permission from or roommate that needs convincing. You can get your hands on some extra income.
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As we can see, there are many reasons why buying a home is better than renting. Not only does buying a home help you save on rental costs and help build your net worth, but purchasing a home empowers you and your family and gives you the stability that you need to create lasting memories as you build a life together. Buy your dream home at Harmony Greens, the best luxury flat in Zirakpur.
