5 advantages of buying a house over renting

For someone buying a house is equivalent to fulfilling the American Dream, while for some it turns out to be waste of money especially the lower and middle class citizens of India. Buying a house is one of the biggest money related choices you will make in your life. Everyone has some different meaning for Home, to some it is a sense of security; to some, it is about comfort and to others, it is a symbol of status and accomplishment.

Before buying a home, it’s important to consider how such a purchase will affect your finances and your lifestyle. If it effects drastically then opting for it is of no use. Research shows that owning your own home has distinct advantages over renting, especially when it comes to building your net worth and providing a stable environment for your family.

Some experts say one is better whereas others will swear by the opposite, so it can be hard to know which is the best one. So we have laid down some of the points which might help in getting a better clarity.

NO LANDLORD HASSLES:

When you have your very own home, you are in charge. You don’t need to deal with a Landlord. Be it minor repairs or a total redesign of your whole home, living on rent is a pain in the head from numerous points of view. You are subject to the landlord for water, electricity, maintenance and nearly everything else. You are the boss of your House and have access to everything you want it.

NO UNCERTAINTY:

With your own home, there are no dread and tension that is caused by the likelihood of an untimely termination of the lease agreement by the landlord. To add to this, there is no hassle of renewing the rent agreement every year and renegotiating on rent repeatedly. You don’t need have a feeling for searching a new home for rent again and again and complete all the formalities from beginning.

HOME AS AN INVESTMENT:

Purchasing a home means you are additionally upgrading your wealth after some time. Deferring your property purchase will result in investing a higher amount eventually. Owning a house also generates additional income, in the form of rentals or from paying guests. Any owner of a house can mortgage his property while a rental property cannot be mortgaged by a tenant.

FLEXIBLE LOANS OPTION:

Owning your dream home has turned out to be simpler now with availability of easy finance options. You are not required to hold up till your 50s to gather cash for your dream home. You can get it in your 20s and be a glad proprietor of a completely paid off home by the time you turn 50 or even previously. You have to sensibly pick a home loan lender who can offer you flexibility in dealing with your home loan repayment by tailoring your home loan EMI to suit your present and future income patterns.

EMOTIONAL SECURITY:

When you buy a house, you give your family their own space; a home. After a tiring day at the office and douching the traffic of Pune, when you finally reach your home it brings alive a sense of security and comfort which is simply irreplaceable. Sometimes a hug from the loved one’s takes all the tension away. After all, there is no place like ‘home’ where you can be truly at ease and just be yourself.