A home is not made of bricks and sand but it is built with your heart and soul, it makes you feel whole. Owning a home is one of the biggest dreams in everyone’s life. It is a sense of financial security for the future and at the same time a symbol of status and achievement. Owning a house is the biggest investment which benefits you in the future. To rent or to buy is the decision that many people tussle with.
Renting a home has always been an insecure process. The rent of the home is not fixed and it can increase according to the decision of the landlord. Being the tenants, there are certain restrictions you need to follow and there is no privacy for you.
BENEFITS OF BUYING A HOME OVER RENTING
1. Tax Benefits on Home Loan- One of the major benefits of buying a home is a break from the tax deduction. The tax benefits of buying a home are more significant than renting a home. Renting actually is more expensive. It costs you more than EMIs.
2. Emotional security- Owning a home gives a sense of financial and emotional security to you and your family. It makes the future of your family safe. After a long and weary day, coming back to your own home fills you with comfort whereas house on rent will never give you that ease.
3. No landlord nuisance- When you have a home of your own, you live your life on your own terms and conditions. You don’t have to deal with the landlord for the minor repairs. Living on rent is a pain in many ways, you are dependent on the landlord for all the essential requirements like electricity, water and maintenance and almost everything.
4. Fixed cost- When you own a home, the EMI of your home remains fixed and you maintain your monthly expenditure accordingly unlike a rented house where a tenant faces an unwanted hike.
5. No uncertainty- When you own a home, your fear and anxiety diminish which is always there in a rented home. You have a feeling of agitation of getting terminated by the landlord.
6. A sense of accomplishment- With your own home you not only get a roof to shelter of your own but also get a feeling of accomplishment that the roof is your own; where you can make beautiful memories. But in a rented home, you are restricted by the rules of the landlord.
7. Home as an investment- Buying a property not only gives you a shelter but also enhances your wealth. You only dislike inflation when you don’t have an asset that’s inflating. The day you own a home, you start loving inflation. Home investment helps you make money in the future.
8. No compromise- When you buy your own property you do not compromise with the location, connectivity, size, and amenities but when you are a tenant, you only look for the affordable home and ignore the other needs for a while.
9. Wealth transfer- Owning a property means the wealth that is going to be passed from generation to generation. When you buy a home you settle down and feel secure about the future of your family.
10. Customization benefits- You can remodel your property according to your personal desires but the same cannot be done with the rented home.